Ann: Investor Presentation - Entitlement Offer March 2019, page-10

Thank you for your thoughts, Judd85. I glean from them that you are not too worried (if at all) about the company’s need and/or ability to raise cash. ... Having personally lost a lot on ORS I must admit I am worried about the risk associated with future capital requirements, and the possibility that the RI will not be substantially taken up. ... No one likes losing money

Our major shareholder owns about one third of AGS, and even though we have an enviably low number of shares on issue the Offer Document spells out in graphic detail, from pages 23 to 28, the “highly” speculative nature of the offer. ... including of course the risk if we have to use debt financing (3. J) that “ may involve financial covenants which limit the company’s operations” ..etc. ... From memory it was Fortescue Metals chairman who called in his high interest loan to CTL (previously AYC) .... And look where they are now !!

Having said all that, and still undecided re the RI, I’m stoked about the project, and can’t understand why the market remains so disinterested. .. Perhaps the scoping study will help change market perception ??