Ann: Chairman's Address at AGM 2018, page-2

Chairman's AGM Address.

Nothing new and totally unsatisfactory address.

Let's hope the institutions vote Andrew Teo out tomorrow and those who attend the AGM stand up and ask searching questions of him. eg

1. Why is there no mention of a replacement for the CEO position?

What has he been doing for the past 5 months about filling this vacancy?

How exactly did the vacancy arise in the first place as the reason given at the time is not accepted?

Is he planning on continuing in the CEO role indefinitely with no mining qualifications?

2. Why was PHB re-appointed to the Board recently after years of failure, lies and never meeting any guidance given over all the years he was CEO of Medusa?

3. Why has the E15 shaft taken more than 3.5 years to build and at what cost?

Why is there no improvement in production guidance for the current year with E15 shaft in use for up to 8 months?

What is the guidance for production next year (2019/20) with 12 months of E15 use?

How is the mismatch between the new mill capacity (200k oz) and production (100k oz) being addressed?

Why does slide 11/19 in the presentation say that E15 shaft "achieved practical completion Aug 2018" when the company issued a statement on 31/10 saying this was achieved on 28th October?

Why does slide 11/19 say "final commissioning expected this week" ie by 24/11 but the chairman's address does not mention this? Is this true?

4. What new or on-going projects are planned for development of the mine and at what cost?
Last quarterly: "All-In Sustaining Costs (“AISC”) for the quarter included surface civil works for future infrastructure."What is this? How much is it costing?

Why is there never any forward view of these developments and proper communication with shareholders?

5. When can we expect AISC to fall to $850 as stated by BT?

6. Dividends. When is a dividend to be restored to shareholders?

7. When can we expect to see some growth at the company after 5 years of standing still?