Ann: Appendix 3B and Listing Rule 7.1, page-9

Copperbull,

I think you should go to AGM and talk to directors about your issue. I agree capital raising should be done at premium rather than discount. However:

1) Sometimes good drill results may not translate to higher share prices (if SBM and others got shares at premium eg 50c instead of 40c, than results came out after and if share price drop to 30c than this premium price of 55c will look ridiculous and upset a lot new holders). It is easy to say share price will go up on good drill results and, hence, should be done at premium not discount. In reality this assumption may not hold in free market mechanism.

2) Volume weight average. At that time we didn't stay above 40c for very long time. I also noticed share price got pushed up from 40c to 45c prior to capital raising and drill result. So not really that much discount.

3) I always believe in happy large holders rather than a lot unhappy large holders. Look at those 2 fund managers did when they want out and upset at something we did. SBM is able to assist us in drill program and provide us more capital if needed. That's a massive advantage. Give back a little before you can earn more later on.

4) SBM is a miner not a fund manager. Their large holding in PEX IMHO most likely they will make a full takeover offer in scripts and/or cash. Their paper profits are totally useless unless they can sell their shares, which I don't think they can given their large holding in a small company.

Further, when SBM subscribed at 20.5c many investors have so many months to buy million of shares at 20-25c but people made an informed choice not to but sell down their shares to me and others. I even posted many, many times "surely SBM is not looking at 5c profit".

At the end of day it is a free market, your own choice on what you want to do. IMHO I don't think holders should focus on that 40c capital raising discount not premium. That's all past history. We got the money, 100% own (no delays from JV partner like Silver Ray/T1), skill and experiences to drill good results. IMHO we have SBM very interested in us (out of 100's of exploration companies) and perhaps a full takeover later on.

Just IMHO