Ann: Updated Life of Mine Plan for Abujar Gold Mine, page-38

Thanks for the reply spec. Look, it's a comfortable hold for me but admittedly I'm way in the red on this now. It's cheap but so are so many other ASX gold producers too...esp the West Africans & something like PRU runs very well yet still is ridiculously cheap. TIE may not attract interest for sometime until it proves a reliable monthly producer and that's for fair reason considering the headwinds and downgrades that have beset them so far.There are very cheap comps with less production risk however many operate in less lawful jurisdictions.

I was a holder in CAI, hoping it to emulate CMM which was a model by which to transition from explorer to developer to producer. As you know I've been on the GCY rollercoaster too (and still am). Some get it right first go, some stumble and then manage to right it which I think is where TIE will sit. CAI unfortunately sits in a third cohort that may never see it find its way out of the hole they've found themselves in.

With respect to the Heap Leach why wouldn't they pursue it? I'd be comfortable if they get to a steady state here first, prove out the grade reconciliations, maximize plant efficiency & build a sufficient capital reserve and then look at the Heap Leach in around 3 years. Here's hoping!