The following is a recount of this arvo's call, I'm going to...

The following is a recount of this arvo's call, I'm going to abstain from making any comments.

Secondly, thanks to all that have posted of late re the AGM, it has opened my eyes and changed my views. I'm not defending the company, I think I'm more on the attacking side now. The possible dilution that is intended to be enabled is unacceptable without much firmer and tougher structure. By sentiment has been HOLD for a long time as there have been too many items to cover of with enough confidence.

I called IFE today, I was called back by Neil McKay. I asked if TRF could vote in the AGM. He said they are able from a regulatory perspective, but he said they hadn't decided yet if TRF would. Ian and Neil must leave the TRF board to make their voting decision, they cannot be a part of that decision for obvious reasons.

Neil reiterated that there is no intention to use any further equity financing for Stage 1, he said that this has been stated clearly a couple of times lately. He alluded to debt financing, but I didn't press him here, what could he say that wasn't already publically known. I expressed my excitement about recent developments and at the prospect that we seem to be getting pretty close to the end game. He agreed and mentioned something along the lines of some more news in the next couple of weeks. Don't quote me there, that's a loose kind of recall.

I asked if they had considered Stage 1 proceeds to fund the Stage 2 DFS, I asked if timing could be an issue and he agreed it could be, of course he would. I tried to ascertain when Stage 1 cash flows from OM Holdings might become available on dirt being dug in December, I suggested March, he talked without saying anything, not that I could digest anyway. He kind of blurred the DFS into the actual Stage 2 operation, which he said they'll need something in the order of $300 - $400m for and financing for which they have not broached yet. I know that's unclear, but that's all I got from him about financing the Stage 2 DFS.

It wasn't a very productive call overall as I wasn't really prepared and didn't have much time, I only called to ask about TRF's eligibility to vote in the IFE AGFM.

Let me say again, I now fully agree with the sentiment here of late. This just opens the doors for too much dilution. There's just too much uncertainty that the AGM announcement has created. You can't give the soph's 65c stock when they are capable of keep this at or under 80. Then again, what % of non 708 holders took up the last two entitlements? I took my full plus 50% in both from memory. I wonder how many votes exist outside of the 'inner sanctum' and TRF.