Ann: Arthur Dew Appointment , page-12

Hi All,

I have just made my entry point into TAM at 78.5c.

While I am happy with that price as an entry point, I can still see the SP going a bit lower due to the following:

1. This management reshuffle will continue to provide some short term uncertainty.

2. The possibility that there will no be delays with the commencement of the Ground Rush mine.

3. The possibility that the $60m required could blow out even further.

4. The impact of dilution when obtaining this $60m

Good luck to all holders.