punt, page-5

Lets try and do a bit of objective analysis, yes, I know objectivity counts for near zero in the market, but lets look at recent developments.

1. Magna Res, the Indonesian largest shareholder (20%) connected to the board, appears to be still in. No 3y yet, they have 20% and would still be sitting on a profit.

2. Ian Lawrence was recently allocated 385000 performance rights.

3. As far as I can tell, there is no serious insurmountable problem identified yet. The company must be within its finance covenants. If it were not and that was not reported, they would be in serious trouble with ASIC and the ASX. No evidence of that.

4. Silver price is strong and in trend.

5. The main problem I see is a really sullen, cranky, angry, market sentiment prepared to take out is frustration on anyone who dares to issue any bad news.

6. The company is bound by very strict rules to keep shareholders informed, so I expect a further announcement with more detail very soon.

7. On 19th october the company had to allocate (waste?) time and personel to address an official ASX query about its 'gender diversity', policy. Shock horror it had to admit it does not have one. Really important stuff this, especially for a tiny mining company. In response to this important query they counted one two three four five six females among their 49 staff. Mary, Joan, Bianca, Julie, Deanna and Eva. The ASX bureaucracy is happy.



8. I think the sell-off is overdone, and I'm prepared to assume that we have seen the worst of throwing the baby out with the bathwater. If I'm wrong then that will be another one chalked down to experience. I will be watching very closely.

Cheers