Ann: Update on 2% Royalty Over Offshore Permit VIC/P47, page-8

At the speculative end of the market it's all about management salaries. We have all heard it and for good reason. It is so true !

The dilution to loyal long term shareholders to the newregimes and cudecos of this world is nothing short of a disgrace. Management should hang their heads in shame.

Imagine if management salaries were aligned with shareholders stock price. If the stock drops 400% ................. management salaries drop 400% and vice versa if the stock price rises. Only then would we have managements interests aligned with shareholders.

To find the truth you must find the bottom line. The bottom line for management is the value of their salaries. The bottom line for shareholders is the stock price. These 2 entities are worlds apart.

Management care alright. Continuity of salary. It's there for all to see.

Issuing more and more shares to keep the doors open and pay their salaries. This is a losing mantra which inevitably leads to a share consolidation. If a consolidation occurs the subsequent dilution of this event as the share price falls back towards its pre consolidation price will leave many of us in awe of how much a stock price and value of our holding can actually be diminished.

Is our current demise as good as it gets. No its not. It can get much worse. And all thru this if it happens management precious salaries are preserved at exactly the same value as if they were managing a successful company with successful shareholders.

If you told your next door neighbour, family or a friend about the history of this company and what management earn they would not believe you. They would think you are lying.

It is simply unbelievable !