Ann: Quarterly Report March 2018, page-37

not pinning this down to any single specific decision, I simply believe at this juncture in time it would be in the best interests of shareholders for a changing of the guard

tony has some exploration runs on the board but I believe his business acumen is lacking. 10-15 years without earnings, countless millions in non-accretive raises, hundreds of millions of new shares issued. and I believe the company could be acting in a far more frugal manner than it currently does.

this is my narrative. not a difficult argument to make with the shareprice around it’s all time low

the company has an ace in the hole with alacran, but it’s entirely possible current shareholders will receive no benefit from its exploitation. we need an experienced business developer to take this company forward. not a geologist, but someone with the skills and experience to manage a company efficiently

my first preference is that tony step down and be replaced by the bod with a more qualified person.

As a second option, I would accept his salary be dramatically cut (it’s far too generous by industry standards as I will demonstrate in my correspondence to shareholders) and be replaced with share options with strike prices significantly in excess of current levels