idc agm meeting tomorrow- mt kare update!, page-8

ik

Ian and Stephen presented very well at the AGM.

Methodical and measured. Land Owner Investigation Study already completed GPS mapping happening Q1 in new year.

Once this is completed it will be submitted to the PNG govt, then Landowner agreement occurs between landowners and PNG Govt with all necessary royalties and environmental requirements.

Current PFS production of 150,000 ounces and profit is based on worse case scenario, highest costs capital and operating on conservative resource/annual production.

First time this has ever been done. Landowners locals and PNG Govt happy and very supportive of project on the back of this. Would have liked to have met George though.

This was done to get PFS out of the way, which was a PNG govt requirement. Might have been imposed on IndoChine due to the historical decades of drilling and no other work done on Mt Kare.

Expectations are for 250,000 ounce per annum production in the long term. but they need to increase current resource and grade, release gold reserve. New Bonanza zones will go a long way to making this happen.

Next 12-18 months will give investors the greatest return on investment.

Explains why largest institutions in the world are major shareholders.

Very happy with progress in project in less than 2 yrs.

R