Ann: Corporate Update - Acting CEO , page-4

for the last 2 months Brett Montgomery (Director - Allied appointed) has been running the show. I suspect that the plan is to make him the MD. He is Allied aligned so there is no danger of any plans or strategies being in anyone else's interest. They have stopped the money from bleeding, but past that what will they do? They have kept a few geologists but the next step is to reduce the exploration commitments by dropping ground. At this point, only people/IP has walked out the door - if they start dropping ground then you know they are just going to moth ball the whole company. It will be a long hold before any recovery if that is the strategy.

They can still recover but need to upgrade the resource at Central Tanami to 3M ounce (means drilling GR and Ripcord) and resource drilling Kavanagh/Coyote. They also need to find low cost oxide tonnage around Central Tanami and Coyote to improve the processing economics.