Hillgrove 2019, page-14

Mwilson25, $30 million for the PHES would be an extremely poor result for shareholders in my opinion given costs associated with proving up new resources, cost of moving plant and machinery, cost of new roads, capital gains tax etc.

Further, one needs to weigh the significant amount of money that can be made from the existing mine compared to $30 million for the PHES. Representations made by HGO seems to strongly indicate that there is much more money to be made from the continuation of mining even once this is discounted to present value.

It also begs the question - if there is so much money to be made by building owning and operating the PHES, then why isn't HGO engaging the necessary labour and consultants to go it alone so HGO can reap the rewards.

And another slap in the face is that they want us to approve all these benefits to directors and employees when shareholders are completely left in the dark as to whether shareholders are getting a good deal or not.

I simply cannot believe why anyone would want to vote in favour of these incentives when shareholders are kept in the dark.

Completely contemptuous imo.