Ann: Scheme Booklet lodged with ASIC,TGZ-GRY.AX, page-9

Hi Korbah, the first thing I would do to assist this decision would be to research Teranga Gold considering that they will most likely take over GRY. If you believe that a Teranga Gold with GRY assets presents good value, then you could just hold. If you don't wish your holdings to become Teranga Gold shares, then you could exit. If you sell before the merger, the price of GRY will be mostly affected by the price of TGZ in my opinion. If there was a 2nd bidder for GRY, it could be advantageous to hold as the 2nd bidder would have to provide a better offer than TGZ for shareholders to accept. It is hard to predict whether a 2nd bidder might come into the mix or not. Hope this helps.