Ann: Proposed Consolidation of Capital, page-51

Harping and ramping? I said insto's will drive this and that is the case whether it succeeds or fails, just simply the way it is at this point in a project lifecycle. I also said Forward was introducing the stock to NA investors.

As for our insto ownership Jupiter is a UK company so our insto ownership isn't even all out of NA.

GPR two biggest backers were Tembo (mixed record) and Delphi (who have an awful record and don't know how they still have money, they have backed a stack of losers). Third biggest was Franklin Templeton and I only remember them on two gold stocks and they lost on both of them. No-one bats 100 and from what I have seen most of these instos aren't necessarily better than good individual punters. Having them on the register is no guarantee of success but it at least gives you a shot because they will come up with $.

Hawkespoint nailed CMM but that was mostly because they put the right team in the stock (which for the record is what I think Dundee have helped do here).

As for RXL will they be right on RXL. I have no idea but I haven't really seen a refractory story be easy and knock it out of the park. The best outcomes I have seen for refractory deposits was the bidding war for CDV and DEG purely due to the mass of ounces but every chance that goes pear shaped moving into production.

So comparing to some of these things - AUC is in the middle of WA, not refractory, grade is ok without being great but is largely negated by scale and strip and they own a whole greenstone belt. It is a much simpler story than most of these failed projects.