Ann: Proposed Consolidation of Capital, page-36

Wtf are you on about? Honestly I wonder if some of you guys even know how the stock market works.

1. A consolidation does not (in and of itself) change the value of your holding or your percentage ownership of the company.
2. Retail have funded them until now - this is sort of correct, sort of not. Most on here would never have participated in a raise so haven't funded squat. You've bought shares in a secondary market to take a partial ownership of a company that you deem undervalued (otherwise why buy?)
3. Retail wasn't going to provide the $38m we just raised
4. Retail is never going to provide the remaining capital to make a mine.
5. Institutions are the ones with the funds to push this forward and get us into production - which in theory benefits us all
6. If the next 18 months goes to plan as per presentations, we will have a DFS, we will have a reserve upgrade, we will have all permits, we will have financing and we will have a FID.
7. Dorward gave what I thought was an interesting point in the webinar the other day for those that were listening. He said at the moment we are probably trading less than <0.1x NAV. At a current MC of ~$120m that means NAV (probably at spot) is going to be >$1.2bn. Handy info for those that want to try and look ahead.
8. He also suggested by FID we could be trading 0.5-0.7x NAV. Depending where you think we raise and how much equity component then that could be a 3-5x from here.
9. He went on to say that by the time we hit production in c. 3 years time that you would expect to trade around 1x NAV or maybe a little above. So that is more like 5-7x from here potentially.
10. The juice beyond that comes from two places. 1. Gold price rises and that increases NAV. 2. We increase our resource/reserve base and that increases NAV.

That is my opinion and why I hold. No-one is handcuffed to this company. If they don't like the consolidation, or the raise, or bringing institutions on board or the forward plan etc then we all know how to fix that.