Ann: Half Yearly Report and Accounts, page-17

*Response came through today. I will endeavour to forward it to everyone that wrote emails*

In response to your letter dated 10th March 2019 I would start by saying that notwithstanding challenges encountered by the Company ,  the story remains very positive with significant developments on multiple fronts.  As highlighted at last year’s AGM the Company has delivered a strong scorecard,  including approval of the development application and grant of the mining lease at Taronga, progress on the transition to Level 2 production at Granville and excellent exploration results from Mt Cobalt.

That said we would acknowledge that certain milestones,  specifically at Granville, haven’t been met and the Company remains very focussed on  turning this around.  As the CEO recently stated in a market release, the collapse of the mining contractor at Granville concludes a “frustrating period of delays and declining productivity” and we all look forward to a turn-around in this asset.



With respect to continuous disclosure, we meet all ASX reporting requirements and stridently refute your assertion to the contrary .   You say that “announcements do not address the second order effects of changes to operations” and then quote as an example the liquidation of Jemrok.  The Company was advised of the appointment of the liquidator to Jemrok, a private company, at 1:27pm on 4th March 2019 and quickly sought to provide the market update (2:07pm on the same day).  During the ensuing week the Company  conducted discussions with a range of parties and only after it was satisfied with the information obtained could it provide a more substantive update (announcement of 13th March 2019).  In this instance reporting of any “effects on operation” on 4thMarch 2019 would have amounted to unsubstantiated speculation , likely to attract the attention of the regulator.



That said, we acknowledge the opportunity for continuous improvement and in that respect will seek to improve shareholder communications, be it either through ASX releases, Twitter or the recently instigated quarterly presentations,  inclusive of shareholder Q&A. Each year we invite all shareholders to attend the Annual General Meeting where questions can be addressed by the Board directly, and during the year the Company responds to shareholder questions lodged at [email protected]



Yours faithfully



Brian Moller