Ann: Resignation of Director and Appendix 3z, page-17

I think that amassing a portfolio of 40 odd prospects in GIANT country is quite an achievement and see no point back seat driving the prioritization of drilling targets. It's complicated and an evolutionary process.

I also think that the AGC spinoff is quite an achievement. 2.7cps value, yet no price drop when they went ex entitlement; amalgamation of properties; 10m capital raised to accelerate drilling (rather than letting them sit on the shelf gathering dust); no dilution of MAG SH interest in core properties.

Junior explorers have not really left the cab rank yet, so at this stage of the cycle, with the gold price still consolidating, they are almost totally results dependent at the moment. Too many SH draw a straight line between short term SP/drill results and management competence, which shows a lack of understanding of the sector.

As you say, our hope lies in what's in the ground and I'm quite hopeful about that.