Ann: Southdown Magnetite Project Prefeasibility Study, page-63

Hi greyhoundtrainer

I used to be involved with greyhounds some 50 to 60 years ago. Used to walk 4 or 5 (at the same time) before and after school.

At my age I cannot be certain that I will even be here to enjoy the fruits of SD, which best scenario puts it several years away.

Grange is a well run company with a reasonable dividend return. I can only speak for myself and not the market. In my opinion I not just think, but calculate that there are other investments that will give me a greater return, and return now, not years in the future.

I disclose that I have interest in other IO miners . . . of which also produce high grade 65% but at around half the all in costs of Grange. Where as Grange only has one ship on the way for April, my other investment already has 4 ships on the way for April, from which I estimate will close to double the production output of Grange this quarter, and with a leaner crew. Both have similar amount of shares on offer.

So to summarise, in my case, it is a case of spreading my investment to places which I calculate will give me a better return.