Ann: Investor Presentation - June 2015, page-7

Before EVN were in the picture I would agree with you.

EVN will not let Norton have a snif and if NGF put in a takeover offer EVN would beat it.

It's a battle of who needs the ore the most.

EVN bought into Phoenix as a result of the La Mancha deal. This mill will need ore in the next few years.

NGF needs to feed its Paddington mill.

The devil is in the detail. We do not have a signed agreement with NGf yet. If EVN get the second trance approved then they will have a seat on the board and they may say we don't want Pxg to execute deal with Ngf as they may want it all for themselves.

Castle hill 1 is worth at least $100m on its own.

EVN aren't stupid. Ngf are ignorant . This is why the Chinese in my opinion have shot themselves in the foot!!!!

This is all in my opinion ofcourse . I could be very wrong.