Ann: Quarterly Cash Flow Report, page-8

Yes, imagine if they stuck with gold and copper exploration in the NT instead of wasting 2-3 years on HPA rubbish. We would probably be onto our third or fourth phase drilling program, have an indicated resource, and transitioning to development stage by now. I take nothing away from the Speewah route the company took because it actually resulted in $20M in cash and TVN shares, and it was a decent investment for the company. However the HPA was a total failure and they should have realised this a lot earlier.

Management did well to time the performance rights from the recent lows (around 1c) and clearly that was their plan with lack of newsflow in the past 6 months especially. I am sure they were hoping the share price ground down as low as possible before TC started up, to give them the best possible launch position for the performance rights milestones. I feel sorry for those holders that sold at massive losses due to fear the company would go broke. However, they can only blame themselves. If you looked at the bigger picture (especially after the $20M from TVN deal), people should realise that would be impossible. The company was very safe in comparison to most peers in the junior resource sector. Also, if you understood how prospective the TC region is, our assets are worth a lot of money!

It is sad to see managements poor decisions in the past and the way they manipulated the share price to boost themselves financially, however if these milestones are met, we will all be rewarded financially. So, we have to start to think positively and get excited for the TC drilling which is just 3 weeks away now (10th Nov). We have another 5mil cash arriving mid Feb too, this drilling campaign will be massive IMO. I can imagine them wanting to make up for lost time and getting their performance shares in the money so they should be going all guns blazing on the drilling front and testing as many of these juicy TC targets as possible!