Ann: Stage 1 PFS demonstrates potential value of Cue Gold Project, page-30

WGX were a previous holder and sold down. The recent change could be consolidation of two or more other accounts now putting the total into the top 20. If they have bought in recently it would be a big vote of confidence in the resource. If they have bought shares in that period then you would think they haven't been in a dataroom with a risk of inside trading. That is surprising and a worry and risk of more and more drilling and PFS's and raises. A a shareholder i would be frustrated that management has allowed the price to slide from double what it is now in the last 12 months and raised when it could have been takeover over for will over the EV of the PFS at a now higher gold price.

It could be WGX seeing the potential of buying at $0.18 to a higher price is better than leaving the cash in the bank. There could be more accounts that have a total just under 5% so they don't have to be reported hidden in faceless nominee accounts ready to pounce. GOR jumped into Apollo Consolidated as part of the auction with RMS. This was a positive as there was competition. GOR made a tidy short term return. Without BRB to add to it wasn't going to work for GOR and the price became too high for a return through operating (total speculation). Whoever takes them over will want to be able to get to 90% easily for control and to avoid the situation GMD and DCN are in. Having one or two holders cumulatively over 10% means a waiting game, them trying to increase their stakes with low price raisings/rights issues and threats of 249D board spills if they don't play the game. That is frustration and constrained or declining price for the rest of the shareholders.

If MGV management believed they were fair price or more they might bring in the ultimate acquirer to support the price and get cash. If they believe they are over undervalued they should be doing all they can to stop the acquirer from getting a holder in them and piss mark on them to get the maximum future price. Having a valuation too high is not always a positive. You are too expensive to be acquired and then have to build a project and exposing yourself to all those risks. That could end up with a Capricorn, or a DCN,

EVN is likely holding to protect their interest in the JV. If the interest in the JV wanes (we haven't heard much about it of late) they could be a seller for another player to jump up on the register. Who are in those nominee accounts?