Ann: Results of Annual General Meeting, page-36

Hi @zappa07

Thanks for your response to my earlier post on the AGM.

Please don't mistake my report back on the AGM as me portraying any great optimism in either the company or the management. I've tried to make that clear, and have scattered enough cynicism in there to show that I've got my doubts on a number of matters. I took a day off work to make my way to the AGM, and you can see from my opening comments and the reasons I've gave for attending are hardly endearing to the firm.

Not to be mistaken for optimism - what I did state, however, was that we need to get something else to encourage investment (we are hardly going to be just gifted funds).

If we had the cash, perhaps they would have revisited Tulainyo and drilled a successful well (wouldn't things be different if that was the case!!), but there is now nothing left in the bank. To me, the Tulainyo project is still appealing, but trying to sell that story to investors so we can have another crack at a well would be near impossible.

Also note that I didn't say that John Begg is still on the books. He might be - I don't know though.

I've done a bit of research into the board looking at cross directorships etc and involvement with past companies - in fact I just ran another round of checks on the weekend. This is why I stated "...I still hold reservations/concerns about the arrangements with Ochre" in my wrap up.

I also mentioned that I'm dubious of the stated timeframe of 4-6 weeks to be reinstated to official quotation.

One thing to me is clear though - everything will be down the gurgler if we don't latch onto something new. Very few options available for securing funds. IF the Ochre issue is not above board, then 'refunding' of payments there would probably get us out of the worst of the trouble and give us some funds to work with. If the matter is legitimate, then we are still stuck with the current problem of not having any funds and protracted suspension.

My closing statement was that "I think that a lot will be riding on what other new arrangements Nathan can put in place, but I'm wishing him all the best with that." That hasn't changed, and it is was neither an optimistic nor pessimistic comment - it was just stating that I hope that he can make it all work.

I think we share many similar thoughts though zappa07.

Cheers, Grasti