Ann: Noosa Mining Investment Conference Presentation, page-31

I can understand your frustration, especially with the SP in the gutter despite a current buyback . . . but buying back as cheaply as possible is ultimately to the benefit of long term shareholders. Peter has already stated he is open to buying back more than 5%.

I can also understand your frustration with no definitive news on an aquisition . . . Peter has stated that an aquisition could take place as early as next year.

I also hold GRR. GRR has double the workforce of KI and yet produces significantly less tonnes pa.
Peter often comments on the lean, keen and highly efficient team on KI.

The cash position has increased significantly since last year.

Investment in potential juniors (possible aquisitions) recently increased to $19 million.

We continue exploration near Mullewa as well as Bailey's Find in the Gold Fields region of WA.

MGX took over KI just 17 years ago (KI was originally mined by BHP who took all the low hanging fruit). Under the leadership of Jim Beyer and Peter Kerr, MGX has mined more ore than BHP did in all the decades that BHP had KI.

I also hold FEX. The outward style of presentation between John Welbourne and Peter Kerr are quite different. John is more like a salesman full of excitement while Peter, being a CPA, presents in a rather reserved manner. But from what I can see they are both excellent CEOs.

With both of their focus mainly in the midwest and Peter recently stating his support for FEX, as well as FEX also looking for growth, it would not surprise me to see a collaboration on a project.
When we operated the mine near Mullewa we transported ore to Geraldton by rail . . . FEX with their 70 road trains can now transport from Mullewa to Geraldton cheaper than rail. John has mentioned growing the fleet to 200 road trains and the WA government are spending $318 million to double the export capacity at Geraldton Port to accommodate increase in mining in the midwest.

For me, MGX and FEX are strong buys. With my goldies going up, I may soon transition more funds into MGX and FEX.