Ann: Letters to Shareholders - Entitlements Offer, page-4

It is rather hard to fathom - the drilling results to date have been relatively good, the asset holdings are good, the company needs to carry on drilling to confirm or improve our known resources, so why has everyone sold down to ensure we all lose our chances of success? The real losers in this are the company owners (ie, the shareholders), the very people who should be keen to have those Mt Hardey results proved up to standards sufficient to undertake a JORC assessment for mining purposes. The only losers here are the shareholders.

The only hope I see is that much of the selling has been to raise funds to participate in the CR. Will those that have done that still participate if they can buy on market at under 8c? If they do that and the drilling cannot be completed then the SP is likely to fall quite a way and all shareholders lose.