Ann: TGS Lender Voting Intention Statements, page-19

The biggest issue here is that we really cant do much.

I dont want to vote in favour of the SPA, as i think this is not in the best interest to shareholders and its against everything i believe in.

I dont want to vote against it either because i know, if by some miracle we do win, the debt holders will refuse to refinance the loans next year..They will default TGS and end up selling the company back to "Sinomine Fuhai" for the same price in order to get their money back at this point there wont be any equity left in the company for it to go to shareholders.

The best course of action is to do an EGM and propose the sale of 50% of the mine.

At least this way we keep half of it, repay half the loans and use some of the excess money to commence a 50:50 stake in cobalt with Sinomine Fuhai.

Nikec