EX GSR HOLDER FEEDBACK, page-20

Yes, my initial purchases were in that range but not because of any gold guru or marketing. Just my own research, which was spot on at the time. My one mistake was that I didn't expect such a horrid management show to ruin the party! Thanks to HRZ, I have since realised that a company can have fantastic assets and all the positive momentum for their commodities, but if the management are hopeless and in a lifestyle mindset then it will all come unstuck.

Luckily, I do not need 12c to break even because I have since averaged down substantially during the past few horror years. It is tempting to do it again around these levels but I am running out of patience, and I have lost trust and support to see them deliver now. They have had far too many chances IMO. The one thing that has remained to get me interested and confident again, and potentially buying more stock, is management believing their own story and announcements of recent months by buying in substantially with their own money! They are paid well enough to pour $50-$100k into the stock but the fact they haven't, especially at these levels and at tax sell time is very disappointing. Right now, I have got to the mindset of cutting them, starting with the 5% vote which would easily be reached and replacing them with efficient and clever directors with production experience and plenty of contacts. We need a clean slate to turn this horror show around and start delivering IMO.

For now, HRZ stays in the bottom drawer until we make our votes count with a change. Or if we see a miracle turnaround from current management. My focus is currently on a couple of companies in the West Arunta searching for IOCG and REE deposits who are killing it from a share price perspective and getting things done quickly and efficiently. Companies who actually want to prove up resources and get them mining asap. Surprise, surprise, these companies actually have proactive and solid management teams! Some of the directors even heading out to the outback themselves to help undertake sampling and drill supervision etc.