Ann: September 2017 Quarterly Activities Report, page-16

Just a timing issue I think. From memory settlement for the transaction occurred in Oct.

I was never that enamoured with the EM purchase, even before it happened, but I have trust in this management to execute. It also closes down some of the arguments about RMS having a lazy balance sheet. We shall soon see how smart these guys actually are.

EM is a big hungry mill that seems to have run under capacity for a long time for reasons I still don't have my head around. It would be logical to draw a big circle around the mill and look for any opportunities within this circle. Problem is there aren't that many opportunities within trucking distance.

Maybe Tampia (about 100km as the crow flies). The resource at Tampia has recently been increased to 11.3 million tonnes at 1.91 g/t Au for 695,500 ounces of gold (0.5 g/t Au cut off....89% in indicated category). Project also has greenfield exploration potential.

The company (EXU) developing Tampia has 314,566,958 million shares on issue and 33,775,116 options outstanding and trades for 10.5cents (market cap undiluted ~$33 million).

I suppose a logical one to watch. Esh