Ann: Capital Raising Presentation December 2018, page-118

“Have to agree 100% with this John. I am not sure why any retailer is complaining right now about the CR price as we can all buy for exactly the same price as the instos.”

Sometimes I wonder about you a little bit Davisite.

What retail holders are unhappy about is the share price, full stop. I’m not going to bother hunting down all the numbers but I’m pretty sure he company was trading at this price level before it had even discovered, defined resources and reserves and done a FS on M1.

This is very poor performance on behalf of the board based on the ultimate abiter, the share price, and considering recent history. Great operational performance and a share price that has been decimated defies basic logic and the blame must lie with board.

Development at any cost is plain stupid considering there is still risk on the horizon in respect of the “in house” build and rising “in country” risks.

Maybe you are happy getting stuck in a bunch of gold stocks waiting for a brighter future, hanging off the stories and promises made by the directors, but most investors like seeing some reward along the way for their own “good” judgement calls when it comes to value. We have one of the richest depoists in the world, we have excellent FS metrics (if you believe them.....I think this raising could be a sign they were overly optimistic on the Capex in the last FS) and we have just drilled a fanatastic deep hole that proves what most of us have been thinking, that this ore body is very solid, but our share price sits in tatters after all this. This deposit deserves much better than having fleas, leaches and vultures hanging off it’s back, pity the board didn’t realise the same and act to fend them away. Esh