Paul is a bit harder to be critical of. Yes, it's a large...

Paul is a bit harder to be critical of. Yes, it's a large package and I think he's doing well for himself out of TNG but if he walked away, the project is dead as he has the relationships with our partners.

Let’s not forget that he acquires another 2 million free shares upon successful completion of financing so he’ll be around until either financing is completed or all financing options exhausted.

That said, an MD earning that sort of remuneration should be pretty well rounded in all aspects of running a company and I get a feeling that the only focus at the moment is at the project level which is understandable but is coming at the expense of company performance and market perceptions. In other words, he is rather passive in managing the company. Don’t confuse running the company with advancing the project. I think a large part of that is to do with resourcing and executive support.

In talking about being passive in running the company I would make the following points:

- demonstrates a poor record in the capital markets in issuing to known sellers for easy and quick institutional money which has place more supply on the sell side, potentially impacting any increase in share price.

- appears to be lacking in any sort of active marketing activity through roadshows and broker engagement to garner fresh support which would create demand on the buy side, potentially increasing the share price.

- poor investor relations management as there are obvious issues with key shareholders (i.e. former Chinese director selling as soon as positive news is delivered).

- appears as though he is struggling to manage the workload as timeline extension are that common now they just roll off the tongue.

The current price of $0.13 is reflective of this.

Average daily volume this year is 800k shares which is pathetic for a company that is apparently about to strike finance.

I hope to eat my words but I can only go on where we are now.