Ann: Response to ASX Query, page-7

In a normal world that is what we would consider fair.

Even if at $10 per ounce... the price would be way higher than current LCL market cap

I would believe it would be cheaper for someone to through a bid for LCL at 3c per share and take the whole lot. $30M and take both companies, spin PNG into another company, etc.

Provide liquidity to the big chinese investors to get out or hold shares in a more liquid company (not a dodgy unlisted shell like the two current bidders we have)

I think we can hear about an updated offer next week. Hopefully from a new interested party