Ann: Addendum to Notice of General Meeting/Replacement Proxy Form, page-3

Yeah...a bit happier too. Though the 60 day VWAP still applies to price targets. And the doubt (that existed in my mind) has now been clearly removed regarding the SP tranche. Full vesting of the available PR's require a 60 day VWAP of at least 9 cents at some stage during the first year....and for a minimum of 9 cents to be maintained as a 60 day VWAP at some stage during years 2 and 3 respectively.

While I am a bit disappointed that the years 2 and 3 incentive is a "maintenance" incentive rather than a "continued growth" incentive, it is worth noting that setting the PRAP at 3 cents does take away any skepticism about potential price suppression incentives. The PRAP is 50% above today's SP and the hurdle rate is well above the average price of all holders from post Tangiers days. So there can be no losers if the SP tranche vesting conditions are fully met in all three years.

Not to mention the likely SP impact of hitting reserves, resources and production targets that are required for 35% of the PR's.

(BTW....a reverse calcs of the 21.9m PR's implies the MD cash base remuneration is currently A$438k)

So....all in all....feeling happier about the better alignment with SH interests (due to raised PRAP and implied raised hurdle rate).....and can live with the latter years maintenance at this level. Timing of this resolution is unfortunate given current market sentiments and recent drilling performance versus expectations....but if having a healthy equity component within an overall executive remuneration package is considered sound governance practice, then perhaps it is never a wrong time to do the right thing?