AGM, page-3

Hi Cozzie,

I am intending to attend, can you advise where you saw the date for the meeting as I could not find it anywhere?

I intend to vote against the remuneration report, even if a deal is struck before the AGM. I rarely vote against it, but feel a message must be sent that costs must be contained. My understanding was that there was a promise made to the shareholder delegation led by False 9 that the fees were to be kept low until we were actually able to generate cash flow, which is obviously not the case.

In the 2014 AGM, I noted that "...A long overdue cost containment program was also outlined, with a target of 20-30% reduction, including executive senior management fees. When pressed, all that would be committed to was the 30% target."

In the 2015 AGM I noted that "The current pay of MT, NG and the board was also outlined to show the company has dramatically curtailed expenditure to the bare minimum."

I suspect that the delay in progress is due to lack of funds but will check the current cash balance in the quarterly when it comes out in the next few days.

The behavior of slipping timelines seems to mirror the same situation of a couple of years ago when the plant completion date kept on slipping.

RT