Ann: Quarterly Activities Report, page-2

A fairly predictable report and conforms to the strategy of the past few years, to tell us nothing during the months before and give us a quarterly summary reflecting the past efforts. Notwithstanding to also promise once again that we are on the path to growth with no name companies. Note the reference to Mitsubishi this time and to suggest how they will work with a no named equipment provider. Ahhh the suspense.

I really do have some serious concerns with how this company projects its news.

1. Site visit by TIQ on 19th June
Why wasn’t this detailed in an announcement in June explaining the reason and path?

2. Follow up meeting with TIQ and MITs on 9th July to explore job creation and company project.
Seems to me this was quite newsworthy and again would have delivered confidence to shareholders

3. Post doctoral study of carbine ore presented in May at university.
Wow…uni research to promote the company and that never even got mentioned in May. Too bad if someone would have liked to attend as guest

4. Carbine has considerably advanced its stockpile and open pit project plans…
Care to explain the metrics please as we see no work being done.

5. Increasing interest has come paradoxically….
Again we are led to believe there is increasing interest, yet no evidence…

6. Mt Carbine remains the most viable project ready, western tungsten project…today.
So where are all the interested parties who want to buy into it?

I find the quarterly to be yet another report that promises very little, but would have us believe we are at the forefront of something big. Management clearly have no regard to keeping shareholders in the picture and are still unaccountable for targets missed.