Ann: Quarterly Activities Report and Appendix 5B, page-178

thanks for the write up RB.

"Re $300m valuation. Valuations depend on who you ask, I think my car is worth a lot more than a used car dealer would tell me. Management know the company inside out, they know the likelihood of getting finance etc. The market doesn't know all of this, possibly if the market knew what management know it might value MNB closer to management's assessment."

My point wasn't about disputing the $300m number or what it's worth. My point was rather that no management should say how much their company "should be", as: 1. It's not their job to make comments on what the sp "should be". 2. If they say thay it's "should be" worth $300m and others act on it and later on it crashes further down to $40m, even though everybody knows it's not financial advice, that would give the company a very poor look. How much the sp "should be" is a combination of market forces and forward-looking statements. Management can definitely provide forward-looking statements, but never ever on what the sp "should be". That's my personal opinion.

"Re the teams comments (I wouldn't call them promises) Unfortunately it's always a fine line between releasing too much information - plans etc, or too little information. If they don't set a timetable shareholders will complain, if they give themselves heaps of slack in a timetable, shareholders will want to know why that takes so long, if they release their actual planned timetable, inevitably something comes up causing a delay."

Nobody here (at least not me) complains why certain things take too long in the timetable. Also, regarding promises, Lindsay's promises made in September for November ceremoney, and another promise made somewhere in December for production commencement H1-2024, were promises being made very prematurely, hastily, and in poor form, because when he made those promises, a lot of things required for the plant to start production were still outstanding (we know this as a fact due to the power of hindsight).