Dear Axecap, page-5

I'm glad you have decided to get involved, the more shareholders realise that they are the owners of the Company and start to take an active interest in their investments the better.

I don't expect everybody to agree with my take on the Company and its current management. These forums are for everybody to share their opinions and research and to benefit from others collective experience.

Refer to my bio in the notice of meeting explanatory statement for a summary of my career to date.

This Company is not BHP or Telstra with many moving parts. It is a simple mineral exploration Company, which is very similar to many feasibility studies I have run on over the course of my career.

I manage and advise project management consultants who are embedded within client organisations in the mining industry. I also provide expert opinions regarding project delivery to law firms for litigation and alternate dispute resolution processes.

This business requires very little of my time and has become self sustaining, which affords me time to spend on things that interest me.

I hold a combined total of 22M shares in SOC both in my personal name and through my SMSF.

I did not participate in the current rights issue as I am opposed to unnecessary dilution at such a low share price.

I have actively lobbied management to cancel the rights issue and use the cash we have in the bank to progress our projects and boost our share price so we can raise capital if/when required at a higher price.

To participate would have been hippocritical of me.

"these Directors" have been publicly involved in the Company for less than 12 months. In that time the number of shares on issue has increased by 150% not including the current rights issue.

Rather than suffer massive dilution at these levels we should have massively scaled back our operations and overhead and worked within our cash reserves until the R&D money arrived.

Q1 this year was a total disaster. We burned through $86k while performing activities such as the unmarketable share sale which added absolutely no value. We raised ~90k at less than 0.3c while also writing off the final $175k payment for the sale of our PMR shares from Hudson and we let a $90k drilling grant lapse.

I challenge you to name a single good thing which has happened "since they have taken over SOC".

I also ask you and others to please stop referring to SOC as a "Shell". It is a Company with some good projects and IP.

Our current market cap is nothing to be proud of. The Company is in the best position it has been since its inception, yet the market is not interested. Why?



In my opinion the key ingredient missing is trust. For too long the Company has promised shareholders that it will progress field work, only for money raised to be spent elsewhere.

Well that is one option... Or I could do something about it. I chose the latter.