Ann: New Management Appointments, page-5

Hello fellow holders,

These appointments are a clear sign management are serious about ramping up activity with an experienced and ambitious team to exploit the recently acquired European assets and most likely new ones to come.

It also signals IMO that the are also squarely focussed on divesting their gold asset.

So, for me a key question is what is a realistic "value" that can be placed on the gold asset which includes, plant, resources and land package?

I am very new to this company so welcome any and all comments on this, I have tried to do my own assessment using info provided and my speculation.

I come up with a 'value" range of $50m based on the following (probably flawed) assumptions, so welcome feedback.

Plant - $15m - Based on latest Annual report of $20m non-current assets with a $25% discount
Resources - $35m - Based on ownership 85%, Avg. Au price of $1850 and 95% recovery and applying a 90% discount (to harsh given they have a plant?)
Exploration - $free

As I said I don't profess to know how to work out a transactional value just thought it was a key question to answer to understand the investment opportunity and value upside.

If I am anywhere near a ballpark figure, coupled with cash and European assets then the value at these levels is compelling if you have the patience

Welcome any feedback.

Best wishes all fellow holders