Ann: Results of Meeting, page-44

Hi Esh,

From this point onwards (not considering what individual investor's entry points were) seems like a highly skewed proposition:

Asset Sale to RRL and in-specie distribution to CMM shareholders

- RRL has previously made a TO offer for 11.4c per share
- Walked away after it was clear it was not going to happen, a hurdle that may have now been removed
- AUD gold price now c. $190 higher than when offer was made
- Project is ready to go and will provide RRL with near term growth, much quicker than McPhillamys will for them

New Board intend to proceed and build a mine

- DFS complete and robust
- Funding package is in place
- Upside from exploration
- Upside from current gold price vs. DFS
- Canaccord Target price 19c

Either there is a ST capital gain via a TO (or asset purchase) or alternatively a mine is built in the near term with, potentially, revenue locked in at far better levels than the DFS assumptions.

Cheers
John