Ann: Placement , page-12

Unfortunately this company is poorly managed and investors have been misled. It is now more than a year since the delayed DFS was released. This study should have provided the basis to raise project finance; clearly it has not. The need to revisit ever more aspects of the project from product quality to ore screening etc etc demonstrates that the DFS was flawed and poorly executed. The continuing "discussions with offtakers" reported every quarter for the last 18 months is testament to gross incompetence. I continue to hold primarily because any value has been destroyed not in hope that Molyhill or any of the other assets will be delivered.