conversations with tony sage

First of all I would like to thank other HC posters for providing me Tony Sage mobile number

Sorry did not post his response sooner

I spoke to him on multiple occasions questioning the maket updates

1) In regards to "Scheme of Arrangement" do you know if its cash/scrip/cash and scrip; don't know at this stage because all options are still avaliable on the table. Since IGC has not received their valuation then no conclusion will be reached.

2) You have stated back in June that corporate action was "weeks" away so why has it taken so long for you to get a result; T Sage was abit of a sly on this one...just avoided the answer completely

3) Do you have any sort of price range in your mind if the scheme of arrangement is to be successful; presumably a rice that is higher than the market price however independent valuations needs to be finalised.

4) Is the Independent valuation to be based on the "100Moz" potential or just te 20.4Moz recently defined; he says this is something the independent valuers will have to judge. However the 100Moz potential was independently verified then its silly if only 20.4Moz was taken

5) Has any major IGC shareholders expressed to you if they preferred cash or scrip; says some preferred cash while there are others that does not mind scrip

6) If there are major differences in the 2 valuations then how can a price be reached; maybe a midpoint of the 2 valuations is the way to go

7) Is there are drilling update and resource increase to come: yes but the labs would determine when they can be released to the market.

8) What price of platinum is to be used in valuation as recently platinum price has tanked; up to the independent valuers to pick however the valuation should give a matrix of prices which would incorporate the range of valuations according to different platinum prices