miki29/ agm, page-4

Cikku,

It ain't an AGM. It is a General Meeting with 2 resolutions, both designed to ratify previous undisclosed to SHs placements to SIs within the allowed 15%.

If shareholders approve both resolutions the 15% will be reinstated which will place the board in a position to again make a placement to SIs without reference to SHs as such approval reinstates their ability to do so under the 15% non disclosure rule.

With Bongo 2, SD, LP and FP2 projects funded (assuming coy has sufficient funds for the K$700 sidetrack of FP), I see no reason to implement a further cap raising. If there is no need for a cap raising, there is no need to renew the 15% non disclosure. My 31 million share holding will be voting against it. My view is, let the next 4 projects prove their worth and create some shareholder value before any further dilution at .01c.

With such a large number of shares on issue, possibility of a reconstruction rears it's ugly head. Unfortunately,
such a move always seems to hammer the SHs in that the SP rarely ever maintains it's value. (Funny how Directors remuneration doesn't diminish).

If the aforementioned four upcoming drills meet with a reasonable measure of success, SP could well be around .05 - .10c, and Coy will have built a healthy cashflow. It is my opinion that any further investment should come from that cashflow or, if they must, from a cap raising at a price that does not insult longterm holders. Even if a moderate level of success is forthcoming from the four drills and SP is only (heaven forbid) .02c, it is better to cap raise at .02c than .01c.

Board seems reluctant to say anything it does not have to at such meetings unless prodded with direct questions. I will be there on 27 July to ask all that I feel is appropriate.

Long before 27 July we should know a heap about Bongo 2 and have updates on SD. I think ADX is more prone to announce progress reports than GGP or CAZA.

I say again, patience grasshoppers. In the end all will be well. (Pun intended.)