Ann: Notice of Extraordinary General Meeting/Proxy Form, page-5

This explains why we are excepting Forise's proposal. The investment market is extremely weak at the moment.
"Industry Participation
Both enterprise and establishment numbers have declined over the past five years. However, patterns of
spending on mineral exploration do not necessarily cause similar changes in industry operator numbers.
Enterprises and establishments numbers have declined at a much slower rate than industry revenue over
the past five years, indicating that many firms are choosing to weather the cycle and stay active in the
industry. For specialised firms that solely undertake exploration activities, the capital intensity and knowledge
required to operate in the industry act as barriers to entry and exit.
Junior miners rely on capital raising to fund exploration activities. During times of political and economic
uncertainty, investors tend to place their funds in less risky securities such as bonds, rather than high-risk
investments such as exploration firms. Junior miners are expected to be challenged by a weak capital raising
environment over the next five years, as anticipated volatility in global markets will weaken investor
confidence. This is likely to cause cashflow issues for junior miners, which could lead to some firms exiting
the industry over the next five years. As a result, industry enterprise numbers are projected to marginally
decline over the same period."