Ann: Gubong Project - Bluebird Merchant Ventures RNS Released, page-22

Full disclosure...over the last few weeks I have been offloading most of my SAU position. I moved most of the funds into BBUS and a few other goldies which has worked out pretty well so far. I hold around 10-15% of what I once held and most have been sold at a loss unfortunately. My reasons for this are as follows:

The Cannon sale - I feel we sold the proven asset for a good sum, however any potential upside to the resource or the gold price has been sold for a song. Sure this helps our cash flow short term, however what about long term growth for the company?

The Stockmarket in general - We are due a major correction, I feel the last couple of down days in the US are just an entree for what is to come. If that happens, marginal/underperforming investments will be sold off quickly regardless of FA.

Volume risk - With no depth on the buy side I was starting to worry how I would ever exit my position if something went wrong.

Unloved/Unappreciated SK assets - Unfortunately the market is uninspired by our SK assets, I am not sure why but my guess is because it is outside the "norm" plus the proximity to a potential war zone. The market hardly reacts to any SK news.

Anyway, those are my 4 major reasons for selling down. I still want SAU to succeed and believe it can possibly do so, but we need luck on a few fronts IMO and relying on luck + a volume shortage were a bit too much risk for me to bear.

Good luck all. Cheers