Ann: Quarterly Activities Report, page-9

Hi PB - As always, I appreciate your post, and hope that in paragraph one, you are addressing me, and not inferring that is how you have interpreted my comments,

Let me break it down;

- Bemoan high corporate costs, I do not recall doing this.

- Discount to NTA, Well everyone (even DGR Management) is bemused by this, I am simply digging for answers why the market does discount DGR so highly.

- the daughters are hungry ( well, to comment on that, one probably need to know whether you are including our subs when you refer to daughter companies - I consider now that Auburn, Coolgarra, Pinacle gold and Albatross come under substantially different umbrellas to SOL/IRR/ANW/DHR/AJQ.)

- Not listing more daughter companies and biting off more expensive exploration, well , I hope I havnt gone offtrack anywhere in my various commentaries, because my biggest beef is not that we havnt listed any new companies, moreso that we are not getting any updates on progress. I think any progress should be bullet pointed in the DGR Quarterly activities within the highlights section, rather than bullet point something (kanyawataba) DGR achieved near on 12 months ago as a quarterly highlight .


So we have
- High corporate costs
- discount to NTA
- hungry daughters
- listing companies(or not) and high exploration costs...

hmm, sounds to me like the DGR business model in action over the last 14 or so years
- defies all logic doesnt it?
and we wonder why the market is not giving full credit to DGR.

As for the rest of your post, I agree in principle and hope and suspect you will be proved correct.

Cheers and best regards.