Ann: Quarterly update and outlook - March 2022, page-18

We've written off $80 million from the Dragues purchase price already, plus spent 10s of millions extra on it. What I didn't like was the reporting of Clifford having steered NZ solid energy through a difficult trading period. How is that fair to shareholders? Fairness has to cut both ways and at the moment shareholders pre-existing Dragues, have been on the receiving end of some pretty unfair experiences. What I saw from the start of Dragues, were not only assay results that seemed to not cut it, but a lack of transparency prior to it's purchase. The upshot of the buy, in my opinion, was a cheap entry into assets like Federation, Great Cobar and Kairos, while massively diluting, and downgrading the value of the existing shares. If I could see this, why couldn't the Board? What protection did I have as an existing shareholder. Where did fairness enter into these decisions? I was once very bullish of this company, but now I can't wait to get out. That will happen when I get value from Federation, Kairos and Great Cobar. I realise Dragues will continue to negatively impact my investment, but am not prepared at this stage to give up on what I invested in, so will simply have to put up with it, and with a reduced return when I do exit. Of course one could argue they might hit another lode at Dragues, but it seems we've paid over $100 million for the risk, and I said from the very start, we have taken all the risk.