Ann: Quarterly Activities Report, page-58

'There can be no argument about that'. I disagree.

Lulo has returned a significant amount of money to Lucapa, it just hasn't been spent very well. We are told the repatriation arrangement from Angola has improved and cash is being transferred to Lucapa in Australia without lengthy delays. The alluvial operations have been funding an expensive kimberlite exploration program. We are also told that we are on the verge of securing a majority interest in the kimberlite JV.

Also worth noting we currently have no secure tenure over the kimberlite JV, beyond a temporary extension to the existing kimberlite JV. What would you sell, the alluvial operation?

It seems crazy to talk about selling anything at Lulo to fund Merlin. A market cap of $15m is absolutely shocking, and nonsensical. IMO.

Action and leadership desperately needed from our lot to get this back on track.