Shareholders Group Letter

To the BOD from retail Orinoco Shareholder Group
Dear Mr Pinto (Chairman),

The following questions are on behalf of the  Orinoco Shareholder Group - we are a large group of retail shareholders in Orinoco Gold.
Combined we own approx. 115M shares - about 10% of the company.

Please answer our questions as thoroughly as possible,
   1) We request management release an official announcement to the market explaining in detail all of Mr Jeremy Grays ties to Cartesian Royalty and Cartesian Capital, both past and present and any interests that he has (or has had) in either company. We believe there is a lot of confusion as to his exact relationship with Cartesian and whether it is a conflict of interest in his 'independent' role as Managing Director of Orinoco.
2) Please explain Mr Grays involvement in the Chancery Asset Management Agreement with Orinoco in March 2015 and how it somehow became the Cartesian Royalty Agreement shortly after.
3) How is it possible that Mr Gray is still the nominee for Cartesian Royalty on two (2) other ASX listed companies when he allegedly resigned his position with Cartesian Royalty and no longer represents them for Orinoco?
4) Has Mr Gray ever participated in any contract negotiations between Orinoco and Chancery Asset Management or Cartesian Royalty (for either party)?
5) How does Mr Gray effectively run the mine at Cascavel without actually having visited the site? Do you think it is adequate to run a mine by phone?
6) Does Mr Gray have any experience in actually running a real gold mine (not their finances)? If not, why was he appointed as Managing Director?
7) Who nominated Mr Gray to be MD of Orinoco?
8) Was Mr Gray ever a 'representative' or a 'nominee' for Cartesian for any positions on Orinoco?
9) Is Mr Gray still a nominee or representative for Cartesian Capital (or any of their subsidiaries) anywhere else in the world?
10) Is the 'Cartesian Loan Agreement' currently in arbitration? If not why not?
11) What is Orinoco Management doing to delay/amend the odious Cartesian Loan Agreement that was signed by former management?
12) Does our Chief Operating Officer Mr Richard Crew have any tertiary qualifications in mining or engineering? What are they?
13) Has Mr Crews CV and previous claims of work experience ever been verified by the BoD?
14) Who employed Mr Crew and who checked his employment references? Have they been checked by a current BoD member? Do you have copies of his qualifications and job application?
15) Please provide details of Mr Richard Crews actual employment and educational qualifications to shareholders (not just the vague company blurb written on the website).
16) Why was Mr Richard Crews last employment with Cleveland Mining terminated? Has this reason been verified by a Board member?
17) Based on their past poor performance why are Mr Jeremy Gray and Mr Richard Crew still employed by Orinoco?
18) Can you please publicly release all the mining reports commissioned by Orinoco.
19) Can the BoD confirm that security at the mine meets reasonable standards in order to prevent gold being stolen and that we are not being left prone to both opportunistic or endemic theft? Can the BoD give examples of equipment or procedures that are in place to stop gold going 'missing'.
20) The second quarterly report mentions that there were six gold traps located on the Gekko machine? Were these traps part of the original plant design or added by staff later? Who approved the 'gold traps' installation?
21) Can the BoD explain why it was claimed by Mr Jeremy Gray that we produced 100 -110 ounces of gold in the last 2 days of July 2018 when it was later announced that the remaining 3 months of the quarter actually only produced an average of about 2 ounces per day? Why is there such a discrepancy between results?
   22)  How many staff does Orinoco have?


In the interest of fairness we request management also agree to the appointment of 2 new Directors to the board to represent retail shareholders as we believe they are grossly under represented at present.
We believe our requests are fair and reasonable and expect them to be met by management if they are genuinely aligned with shareholders concerns. We are not looking to cause problems but want clarification for all shareholders and the market and importantly we want more retail representation on the board.
We look forward to your prompt reply. Please respond within five (5) business days.

We would appreciate truthful and clear answers to all our questions. Our members reserve the right to take further action if our questions are not answered to our satisfaction.

Regards,
On behalf of Orinoco Shareholders Group