Ann: Wide Oxide Gold Mineralisation Above High Grade Shoot, page-5

Supply and demand Callenels. Supply is their however demand is lagging even after price sensitive 2 hole announcement which is a bit early to with in my view re price sensitive flagged ann.

Gold is not performing well across the world atm. With low gold prices and much higher production costs is seeing some companies already go on care and maintenance. Gascoyne Resources south of us is one example - the one further south has an excellent recent presentation clearly showing there 6 underground and 3 open cut - two processing hub operational costs increasing considerably thus reducing margins. They have a great operation - sorry i forget their name but they are cashed up and are looking at financing a third hub for processing which could be out east of where they are operating at a deposit they have there - nearby to our tenements. What it tells is well managed - positioned companies can withstand a downturn and even prosper by taking out others under duress - they have done such over past 4 years and they like the other well run gold companies can see gold pricing heading north - it has to in medium turn for gold mining profitability or there will be little new supply for the super power global horders. A cover pic on their presentation clearly shows what we are trying to emulate - you can clearly see the overburden removed at surface then transition to sulphides bearing the mineralization. ODY is targeting open cut mine at HZ then transitioning to underground to finance more other pit/decline operations nearby or sell out the lot.

It's a tough environment raising capital so a lot riding on what HZ exploration - targeted drilling yields. Additional 2 holes at this stage is far from enough to encourage buyers. Next 11 holes will be key until next stage drilling starts.