Ann: Proposed Capital Raising, page-11

Hi guys am back after 6 mths absence.

The only thing I don't like about this issue is no overs offered to shareholders. Reckon I could have underwritten the lot at these prices if allowed. Anyway, that dumper provided a bit more stock and now we wait to see directors shares are voted in, the dust settle, and should be a new ballgame thereafter.

A few things you could argue about but bottom-line is shareholders got entitlement at same price, tho this way directors are handed a minimum 20 pct of the proforma final cap. Once again don't mind, so long as they can bring home the bacon for all ...... call it a significant incentive hey.

And the only diff I can see between NTU and SPX is NTU were advanced enough to nail in time over 50 mill cash to complete their DFS. SPX prob has as much stuff in the ground and recent scoping study numbers look very good, but SPX have always trailed and resources sector decline hasn"t helped. Under the circumstances I would be very surprised if NTU dont try and scoop it up for their paper.

So yeah average down as much as poss before it launches cos it must when u consider was only a year ago that last placement was made at 4c. So lets say average down by half, eg, and yr target is 2.2 to recover, which also seems to be an important PP.

I think we are safe at 0.4 issue. And fewer that are taken up, the higher the residual percentage ownership by directors haha, and tighter the spring wound up.

All we need is that freakin new resources boom start. At least AUD is doing the right thing.

Am quietly confident this tight baby can soon turn from here.

Opinion.