Good Afternoon All, I attended the West Peak Iron Annual General...

Good Afternoon All,
I attended the West Peak Iron Annual General Meeting this morning. Firstly, Mathew Walker was not present for the AGM. However Gary Lyons the Chairmen was and he answered all of my questions.

Cohiba Minerals Limited Legal Claim: I asked whether WPI will eventually settle these matters and whether the legal claims would affect WPIs “attractiveness” to acquire another asset. Gary Lyons squashed this issue like a bug. He stated that this legal claim has been ongoing for 3 years now and WPI has no intention to settle the issue. He specifically said ‘That due to the terms of the farm out agreement, Cohiba have no legal grounds and no money to pursue them either’ He did go significantly more in depth about the terms of agreement but to put it simply, he’s not even slightly worried about WPI’s ‘attractiveness’ or Cohibas ability to influence this.

Suspension: I asked: The ASX Guidelines state ‘The level of an entity’s operations must, in ASX’s opinion, be sufficient to warrant the continued quotation of the entity’s securities and its continued listing” Do you believe WPI satisfies the ASX on this issue? Gary Lyons said simply yes that WPI does satisfy this, but then elaborated that they have a 6 month window (due up in July) to acquire some form of an entity but even then WPI can negotiate with the ASX to extend this if need be.

Cancelled Credit Raising: I asked why the credit raising was cancelled and very quickly remembered how much of a rookie I am. Gary informed me as per the announcement ‘Withdrawal of Resolution’ it states to reference ‘Asx Guidance Note 12 – Significant changes to activities’ in which it states why the Asx provisions don’t permit it.

Time Frame: I asked if there is an anticipated time frame for WPI to acquire something? Gary Lyons wasn’t exactly keen to set a timeframe to make an acquisition (which is reasonable IMO) however he did state that he strongly believes WPI will acquire something before July. I pushed my luck a bit and asked whether that would be including all legal Due Diligence before July and he didn’t rule out that possibility.

Sector: I forgot to directly ask what sector WPI was looking into, but he did state that WPI is being very careful when looking at the tech sector as we are in the later stages of the tech boom and WPI is more interested in an investment that can sustain a longer term.

Current Activity: WPI currently has 2-3 different entities that they are strongly looking to acquire and stated that they have turned away 7-8 serious options since they had started looking. Gary Lyons made it very clear that WPI was only interested to acquire something that would provide a substantial return for shareholders.

My Opinion: As everything is always open to interpretation, I figured I would give my opinion.

• WPI will acquire something in the coming months (definitely before July). Not because of a July deadline but because of Gary’s attitude towards his very own investment in WPI.
• It will be focused on producing a long term revenue but will still attract the initial hype from the market. As they seem to be very level headed with making an investment
• Cohiba’s legal claims will have no impact on WPI in any way shape or form.
• If we do get to July without making an acquisition, WPI won’t go into suspension as Gary implied that they can negotiate with the ASX to prevent this.
• Also just to note, I did top up today with what money I could find, my sentiment is a strong buy.