Ann: Appendix 3B, page-59

I personally think management are doing a pretty good job in what has been a difficult couple of years. It wasn't all that long ago that Tin and Coking coal were both unloved, and we didn't have much cash in the bank. The long-term viability of the company was questionable.

Gary managed to turn things around. Yes, the coal price increase helped, but that is the nature of commodities. He has done the following in recent times;

1. Restarted activities at Lochinvar
2. Sold part of Redmoor for a free-carried drill program.
3. Obtained the early stage - but prospective Otago gold lease and commenced some preliminary field work
4. Increased the cash position of the company.

Whilst plenty on here continue to complain - perhaps you can all have a good look in the mirror and ask why you bought in the first place? Was it because you blindly followed some more popular posters from HC in the hope of making an easy buck? Was it because you're a day trader who tried to make a quick buck but got caught on the wrong side of the trade?

Another question - if management didn't offer the SPP to retail holders, and only issued stock to Sophisticated investors (who incidentally did take up shares at 1.5c) would you all be crying foul that the little man has been dudded again? Yet you all have the opportunity now to buy on market at less than 1.5 but no-one is??

Anyway - food for thought. Criticise if you wish. Whatever!!

Doyle