Ann: Investor Presentation - May 2018, page-5

Hmmmm let’s agree to disagree. Trying to hide under the doona is not going to stop a hostile TO at a cheap price. The 2 main ways to stop this from occurring are to increase the share price and increase the number and spread of shareholders who would be required to approve a TO. Only way to do both is to promote the hell out of the company and put JAL firmly on the radar of new investors. If we can get T20 holdings down to < 50% we should be able to withstand any low ball TO offer before the full mining permit is granted.