Ann: Placement and SPP Announcement, page-19

I’ve taken it out - as for the benefit of discussion - I’ve reworded it below. Sorry for offending anyone.

A number of posters have suggested Pete's shares are all free and he never buys any.


While on the surface of it that seems true - the shares he gets issued have a value attributed to them based on a VWAP which he then pays tax on. So the 17.5m shares would have been issued at 1.8c = $315k. He would be taxed at the highest tax bracket of 45c in the dollar so he owes $141,750 in tax on that gift. Other shares he takes as part of his package are taxed on the same basis. Also keep in mind Peter cannot trade his shares like the rest of us can.


Growler - you’re trying to suggest we are like AVL with our oppie handout and dilution. Obviously you need to be reminded of the difference in number of shares and where the projects currently sit on the developmental pathway. Why was it a poor SP pump attempt? They released solid news but someone was intent on selling and capping it. How is thats Pete fault? If he hadn't announced any news - Pete would have been criticised for allowing the SP to fall deliberately. He couldn't win this ridiculous argument either way.


PaleoBro you’re suggesting , Pete has left the SPP to do the heavy lifting? But you don’t know how much money Pete wants to raise. If a dozen investors have raised the $977k, aren't they doing the heavy lifting? If the SPP raises the same amount - we will be on the $2m target.


Zubana - something substantial is coming - the SP will take care of itself - this all needs a little bit of patience. ALL mining coys experience delays - we’re close - IMHO


On Peter's shares - often his shares are calculated during a period of higher SP. So sometimes - he is paying the highest tax bracket on higher priced shares than what can be purchased on market by everyone else.


RiskyBusiness you’re saying - “It does look like they got it for "free" in return for lowered royalties if we sell uranium for less than $42.50 - which seems laughable when we just secured offtake at a minimum of $44” - $44 was the average contract price so part of the contract may be at $35? It means when margins are tight - royalties are lower.


Finally - Growler you’ve complained, as usual. perhaps you could explain how you would have gone about the raising under the same circumstances?