Ann: Notice of Annual General Meeting, page-5

WB,
Thought they may have dropped the Mt Usher program in to take attention away from the late delivery of Mt Coolon scoping study. On reading the JORC it appears the Mt Usher tenement will revert if a higher level of exploration is not performed.

• Part of the licence area is subject to a RA404 which will require GBM
to complete a number of actions including application for a higher
form of tenement and demonstration that a significant mineral system
exists for the area remain available for mineral exploration and
mining. For further details see Queensland Department of Natural
Resources and Mines Operational Policy number 8/2014. GBM is not
aware of any material issues with third parties which may impede
current or future operations at Mt Usher.

So would appear Mt Coolon is still the main play & Mt Usher a byplay to keep tenement active. Never know could get lucky with the 3-4 hole program as stated this area seems under explored considering location & previous historical grades.

Meanwhile on the PPC JV i will put that question forward at meeting if i get there.

Fair bit of game play @ Cloncurry between Chinese & Japanese at the moment.

Altona (AOH) have just had their Chinese investor pull out after two years.

Cudeco (CDU) in voluntary suspension unable to produce financial reports for 2017 until loans are sorted. Chinese supplied plant seems unreliable & raft of other issues see CDU threads on hot copper, seems to be some contributors there that are closely associated with Cloncurry/Cudeco. Out of the blue a couple of days before suspension Mitsui our former JV partner stumps up 20 mil for product that is supposedly already sold to Chinese. ???? Pretty messy over in the CDU world but will be interesting to see how it plays out.

Queensland Mining (QMN) has just agreed to sell its White Range project (Cloncurry area)to Moly Mines for 53 mil. Moly has not traded for some time & is another Chinese resource sector investor, part of Hanlong Mining which has a chequered history in Australia with their former CEO currently doing time for insider trading.

Minotaur Mining (MEP) has JV with Japanese as well but not PPC or Mitsui.

Dodgy world in the Curry at the moment & $3.20 copper is starting to put some pressure on for positioning in case price goes higher.

Hoping the JV with PPC goes through for GBZ as would prefer to do business with Japanese after reading some of the articles on dealing with the Chinese.

Still think this is one GBZ's best chances with a 10% free carry to BFS if JV agreed.

Any more questions for AGM send them through.

Cheers
Pickle