Ann: Project Update 11/6/2014, page-15

It is not a matter of verbally denigrating the stock. It is an opportunity for the owners of the company to band together to express their requirement for their company be effectively managed.

I am invested in this company to extract a return from production of product. I have no interest in riding fluctuations caused by mere perception, I want substantial results. And to that extent I worry not about strong words that may cause a temporary downward price movement in pursuit of fundamental change and achievement.

I have not the time or resources to storm the barricades at Newcastle. Nor do I expect my voice alone to be noticed. It is only by united action that we as shareholders can insist our management perform in accordance with our wishes. This forum is one of few means for united action.

I have divested much of my investment in recent times as the scales have dropped from my eyes. I still see some potential, and retain some hope, but recognise this investment as very highly speculative.

I am concerned that the number one focus of the company, the building of the plant, has stalled. The precious funds, if any, that remain are being expend on fixed overheads with no contribution to actual building of the plant. I questioned earlier the expenditure on funds on gold exploration, however minor - it would now clearly appear that that money would have been better deployed in erecting a few more beams.

I understand that ranting here is of limited value, all it can do is signal to management the very real discontent felt by the owners, and presage the bloodbath may likely occur at the AGM - albeit probably too late.