Ann: Equity Raising Investor Presentation, page-6

Infrastructure good. Tenements good. Value good.

Only problem is that the management lacks ambition. There has been so many opportunities for management to lock in a gold loan/hedge for the full +60k oz above $1600AUD, get things running, and use the $42m NPV from Julius to bank roll all this drilling.

If management started up Julius, then the share price can easily push back above 20c. Or at leadt give a timeframe for production. Just to keep Bronzewing on C&M indefinitely poses problems.

All this infill/re-drilling is a waste of time and money.

Had my eye on EAR for a while, but until give a timeframe for production, I won't be buying.