I wrote a fairly stiffly worded email to our director Anthony...

I wrote a fairly stiffly worded email to our director Anthony last night, and must say I was content with his response but again see opportunity to further promote us !

They key key points which I'm sure others can confirm:-

- focused on creating long term value.
- 2 brokers been active in the stock (they don't know them)
- SA offices costs apportioned to project development
- New geos are family, but 65 yrs experience and supposedly were instrumental in discovering and progressing the Imalota coal asset
- Madagascar government has not issued new licenses since 2009 !
- MD met with President of Madagascar last week to lobby our license
- IPP license will follow feasibility study and chats with parties who have made unsolicited approaches to develop it
- MD is flying weekly between Perth, Madagascar and Jburg evaluating projects
- Considers no conflicts of interest
- Most parties they approach for research say wait till IPP granted

Of note, he confirms he reads Hotcopper which I suspected already as you'll notice they included a line re: cash backing of 7.5cps in the latest announcement which was originally suggested here - so they do take some things on board

Why a meeting with the president of Madagascar wasn't disclosed to the market surprises me. A meeting with the government to lobby the expedition of our license is surely worthwhile announcing ? It is things like this that the market does not know, that if they did may paint our directors in a better light and show progress is occurring in the background

As a holder I can accept that then, and we can permit the family and offices etc - but for how long ? Whilst they say they are working hard, hard work doesn't always equal results. Management should give shareholders a timeline, not to expect an indefinite wait. 2009 till now is 5 years with no licenses granted, I assure you holders will not wait 5 years for a IPP license.

If there is no IPP license, second asset or stock trading at minimum 7c by end of year, then it's their duty to preserve cash and act in the best interests of ALL holders. I won't be sending as polite emails if no progress over the next month. If parties have made unsolicited approaches already to develop the asset, then the $15M is not required - nor would I want it spent on the asset anyway. In that case, why can't $12M be returned to holders, the company retains $3M cash which is plenty for years of overheads and can wait patiently for this IPP, do a JV and value add again