Hi Goodheart,I checked my notes, it was 13/11/2019 at the...

Hi Goodheart,
I checked my notes, it was 13/11/2019 at the Parmelia Hilton. My question list is below for reference. I got to ask a couple of questions, other people asked different questions similar to mine. I asked Q5 (which incidentally highlights their stated objective of purchases) after the formal meeting had completed. The response I received was to the effect of "if we can't find anything in 3 years we'll return it". That is where I got my stated timeline from.

1. Koolan has recently had a couple of operational issues (water inflow to pit, conveyer belt tear)-please discuss where we are with these.

2. Please discuss Koolan and the potential to extend mine life and/or increase throughput by converting mineral resources into ore reserves? What is being done in this space?

3. Now Koolan is back up and running, is there any plan on resuming 6 monthly dividends and providing guidance to shareholders re payout ratio of divs as a % of earnings (e.g. 70-80%) ?

4. A major shareholder linked to Lee Seng Hui controls 35.01% of the shares. Are you aware of any plans re a takeover or the like?

5. The Board’s stated corporate objective is “to grow the Company’s cash reserves and continue to pursue an appropriate balance between the retention and utilisation of cash reserves for value-accretive investments”. Given you have had a war chest at your disposal for 5 years but you have not purchased any new investments, I struggle to understand why you continue to retain this money. Can you please discuss what type of investments you are seeking? e.g. mining or other? Prospective tenements? Proven deposits? Operating mines? Iron ore or other? Cockatoo island?

6. Ann 20/4/18 (+19/2/2019 + 21/8/19) showed mine plan/operating schedule as per below. Year 2 is a problem re low volume of ore mined, although ore shipped (held over from year 1) seeks to smooth that out a bit. (Surely we should seek to sell it when the price is high, rather than try to smooth out production rates?) Has this plan changed between then and now?

1. Are there any plans to start Shine?
   
   
   Out of interest and for context, below is a snapshot of where the company was at the time. Compare it to today, you'll conclude not too much has changed re cash per share. Unfortunately the shareprice is only ~ 40% of what it was at the time of the 2019 AGM.
   
   

   1.1576B shares

   
   

   Totalrevenue of $289.5 million on iron ore sales of 3.2 million tonnes.

   Netprofit before tax from all operations of $70.5 million.

   Netprofit after tax of $133.4 million, after recognition of deferred taxassets.

   Year-endcash, term deposits and liquid investments of $384.5 million.

   Fullyfranked final dividend of 4.0 cents per share.

   Netassets increased to $612.8 million at 30 June 2019, up from $496.8million in the

   prioryear.