36c Rights Issue, page-24

@Smoking I agree that Rob Tyson has to go. Unfortunately I believe it is worse than the problems associated with poor capital management and his repeated failure to deliver on important timelines. I am very unhappy with Rob Tyson being in the Executive Chairman role at Saturn Metals whilst being Managing Director of Peel at the same time. Aside from him not having the ability to do both roles concurrently I see a potential conflict of interest. At Silver Ray I have been waiting and waiting for this "dig and truck" project to get underway to deliver much needed cash flow. The PFS cannot be delivered until the resource model is updated which we are now told will be "towards the end of 2018." I have checked over the Peel announcements (see below) in relation to the assays that must be included in the updated resource model and with all the results received by July we have to wait until towards the end of the year. Meanwhile at Saturn Metals with the most recent results received as recently as September they can have their resource model updated by "late October" - see reference to Saturn Metals announcement below. Bear in mind that the Apollo Hill resource model is much bigger and contains far more assay data than Silver Ray nd Mallee Bull combined.

The potential conflict (and from my perspective it is glaring) is the 0.5 million performance rights Rob Tyson receives providing Saturn Metals update the Apollo Hill resource model within 12 months of listing (they listed in March this year). At today close that is a free kick of $140,000!

Meanwhile at Silver Ray the glacial pace of the PFS continues. My question is why isn't the same urgency applied to Silver Ray? I am a long term shareholder and I am frankly disgusted at what is going on.



PEEL MINING Announcements Silver Ray PFS

August 2017 Announcement - "As part of the pre-feasibility study, 39 RC/diamond drill holes were recently completed for 5,732.4m (4,927.6m RC and 803.8m diamond)."

July 2018 Announcement - "Infill drilling comprising 16 RC and RC/diamond drill holes for 4,581.4m targeting between 180m-300m below surface completed."

Total Holes 54
Total Meters - 10,313

September 2018 Annual Report - "An indicated mineral resource estimate is expected to be completed towards the end of 2018."



Saturn Metals Announcement Apollo Hill

October 2018 Investment Presentation - "Completed nearly 10,000m of RC and diamond drilling in ~80 holes in three programs at its Apollo Hill" and "Commenced a new resource calculation with potential to rapidly increase the scale and quality of the known mineralised system from the current inferred gold resource – result due in late October 2018."