Ann: Investor Presentation, page-6

What a joke this company is!

Any statements they make cant be taken seriously and for good reason. No point telling us what you might do – when was the last time management advice transpired into reality!

Some highlights from the investors come waste your money presentation:

Yoda speak

Pivotal has been GNR’s financial support.

Blame shifting onto the management who have exited

Due to the decisions of the then Board during 2013 and early 2014, Stage 4 operations were developed using short term / high cost funding as opposed to equity funding.

Highlighting the skills set of the current and past CFO

An external forensic review was initiated and a new CFO was engaged to rebuild financial processes and systems with assistance from an independent consultant;

Why do we pay management when all they seem to do is outsource their responsibilities. Oh well PLV have deep pockets right!

An experienced technical advisor was engaged to review operational contracts and review the operation's performance;

OMG I think you need to go BC how did this happen on your watch:

The Managing Director and Chief Executive Officer resigned and a new Chief Executive Officer has been appointed on an interim basis until after the completion of the Rights Issue.

So the main aims are below. Don’t see much about enhancing returns to shareholders? Oh wait we are the idiots who funds wages and keep the project a float because we just like to assist the economy.

The directive is to reduce costs, deliver to the strategic plan and restructure the Joint Venture.
The opportunity is to emerge as a consistent profitable producer owning 100% of the Cockatoo Island Project.

The finishing touch. Yeah we will pay WEG out most likely because they have done the right thing and we signed such a good JV we most likely have to regardless of their multiple defaults.

Negotiations to acquire 100% interest of Cockatoo Project continuing as per letter agreement of 16 April

The rest is just rehashed crap which will likely be totally stuffed up along the way.

A big elephant stamp for the management team and most certainly performance rights will be owing.