Ann: Letter to Shareholders Saturn Metals Priority Offer Amended, page-13

Pfuzzy,

It simply does NOT MAKE ANY SENSE FOR PEX HOLDERS.

1.) If Saturn turn out very good, PEX holders also indirectly benefit from it. If Saturn turns out bad, it won't affect PEX shares that much if we get high grade zinc in Southern Nights.

2.) SBM more likely to T/O either PEX and/or CYL (gold), so better hold PEX and/or CYL for high grade minerals.

3.) PEX hasn't got history of printing billion of shares, not sure about Saturn in the long run.

4.) Priority offer only guarantee tiny amount of Saturn shares. It should be based on how many PEX shares you hold. Say if I put $50,000, it won't make any difference to my overall portfolio.

5.) There many many companies with JORC resources at much higher grades than Saturn are trading at massive discount.