Coordinated Shareholder Feedback to IVZ — Your Thoughts?, page-7

I think it's a decent idea; it seems like a lot of shareholders are frustrated with lack of clear company communication. Your proposal is a decent way to try to address those concerns.

I would like to read your proposed email but likely will not participate myself as I'm unlikely to agree with the contents of the email. I think the company's communication has been pretty good. Scott has made it clear we're waiting on the PPSA (and a JV), and I agree with other posters that the blame for the delay almost certainly lies with the government of Zimbabwe. However, it would be a bad idea for Scott to outright say this as it would only make things worse. None of the companies I've invested in have spoken poorly about their host governments even when it's obvious that the government is causing unnecessary delays (and in two cases causing the companies to abandon the project). It's just the way it is unfortunately.

If Scott doesn't provide a detailed update once the PPSA and JV is signed, that's when I would feel a need to take action. Until then we're just waiting on the government.

On a side note, I would like to see Scott make a thirty to sixty minute detailed overview of the company and post it on youtube. Something that is targeted at new investors who don't know the company's history. IMO it would currently take a new investor quite some time to get a good understanding of the company by piecing together news releases and old videos. The idea is that a new investor could just watch that video and walk away with a good feel for the current investment case for the company. However, it might make more sense to produce such a video once the PPSA and JV are signed. Not sure if that's something you considered but figured I'd throw it out there. I feel like the investment case for Invictus is very strong and am not sure why new investors are not attracted to it (aside from the jurisdictional risk).

I think shareholders should take more action to hold their companies accountable so I definitely don't want to discourage you. I'm just not one of the shareholders that is frustrated with the company. I am very frustrated with the government though.