Ann: Mutiny Gold Ltd - Annual Report - Glossy , page-28

Deme,

I am a bit confused why you would say i am pumping my holdings. I checked my last few posts on MYG and they are mostly MYG related. I think the last time i mentioned my holdings was actually when another poster asked if there were any other projects with a higher IRR% of which i posted other companies as well. Does that mean i am pumping them as well?

I did give credit to MYG for their revised DFS. I agree that my comments have been generally negative but i do give a reasonable explanation as to why i feel so. I kept MYG on my watchlist because it was going to be finalizing finance but it has been two months and the last time i questioned their ability to get 100% finance i got "In JG we trust".

Regardless of how you look at it a capital raising is needed. Best case scenario is 100% finance for the project. You still need 20m$ for working capital till self-funding. Some recent examples DRM who announced 100% project finance and then raised 42m. CRC who also obtained debt finance had no choice but to merge with UML to achieve sufficient working capital till gold pour.

As to JG's remuneration, if you feel it is bad, selling MYG won't matter. You guys need to vote. Have a look at PXG's remuneration. Just as bad.

Feel free to discuss issues with my holdings on the thread as i feel it could be moderated here.