Ann: Rights Issue Letter to Option holders, page-22

Really...they inherited a mess, raised money to cover some short term liabilities, appointed a project manager, prioritised key aspects of the BFS for progression, pulled together a flexible finance package that allows for the completion of all aspects of the BFS, have given current investors the option to partake in a rights issue (to minimise dilution), progressed the IP, conversations with potential strategic partners, and announced that they are considering the benefits associated with updating the size of the resource....I think they are working hard. Sure that work is not reflected in the current SP but I firmly believe that it will be shortly. Key events ahead - meeting 11 June, results of commercial quantity testing, IP, ongoing discussions with potential strategic partners. Let’s just see where we are at come the end of August. I also believe options will be in the money before the expiry date (as a t30 holder I certainly hope so).