DMA - Dynasty Resources

[AKB]

Re: DMA - Dynasty Metals

A few after the bell announcements yesterday. Let's hope they filter through a tad. Surely DMA is a cheap buy at it's current level. I'd expect some kind of positive movement today. Negative may be a sign to sell out? Unless it's just stop loss orders filling.

 

[thestevo888]

Re: DMA - Dynasty Metals

A few after the bell announcements yesterday. Let's hope they filter through a tad. Surely DMA is a cheap buy at it's current level. I'd expect some kind of positive movement today. Negative may be a sign to sell out? Unless it's just stop loss orders filling.

Surely the fundamentals are unchanged - not to mention improved with the JORC upgrade... would have thought this would be a longer term hold... I bought some yesterday, wishing I'd waited till today- always the way - but no reason this one won't pick up that I can see. What other mining company has a mc of $20m and a resource this size???

 

[ParleVouFrancois]

Re: DMA - Dynasty Metals

I'd think that due to the lack of money in the bank and no real "path" set out by management to get to production, are some of the reasons that people wouldn't buy in (I had a very close look today, but decided AUT was better). It's incredibly cheap by any standard of resource valuation but how is it going to get into production, there need to be a prefeasability plan, a bankable feasibility study with will take at least a year all up, then we need financing and then finally we can get into production (we might have issues with production).

Not saying DMA is a bad spec to buy into, as management seem top class, it's just that as a relatively conservative investor, I'd prefer to wait until we are in between the BFS and financing (the most risk/reward ratio in most cases) before buying in, which may be a year or two from now.

All those problems being said, no reason to see why Atlas (or some other pilbara producer) wouldn't buy DMA for say a dollar a share (lazy 100 million) to get access to incredibly cheap resources.

 

[Fool]

Re: DMA - Dynasty Metals

Seem like the Announcement 27/10/2010 - JORC upgrade to 1.4bt has gone under the radar of most people. This stock is similar to the BRM stroy ,but this one is yet to be told.

They have from the Quarterly Cashflow Report: cash at end of quarter $873,000. But the $2M from the placement isn't on the sheet, So they have $2.8M in the bank one would think?


It's a interseting stock and worth your own research !!

 

[bigdog]

Re: DMA - Dynasty Metals

ASX this morning
16/11/2010 9:17 a.m Dynasty Identifies DSO Iron Ore Targets in Pilbara

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01121088

DYNASTY IDENTIFIES DSO IRON ORE TARGETS IN PILBARA

Highlights
• Regional exploration on Dynasty’s large Prairie Downs tenements has identified potential iron targets that would enhance Dynasty’s 1.4 billion tonne detrital ironstone gravel deposit at the Spearhole Prospect.

• Geophysics and mapping has identified new direct shipping ore (“DSO”) targets on tenement E52/1927, including targets for concealed Marra Mamba iron ore formation deposits.

• Channel iron deposits have been reported to the south of Dynasty’s Spearhole Prospect.

• Dynasty’s vast “basal iron conglomerate” adjacent to Prairie Downs Fault to be tested.

• Dynasty has intensively explored less than 2% of its 4,000km²

 

[barney]

Re: DMA - Dynasty Metals

ASX this morning
16/11/2010 9:17 a.m Dynasty Identifies DSO Iron Ore Targets in Pilbara

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01121088

DYNASTY IDENTIFIES DSO IRON ORE TARGETS IN PILBARA

Highlights
• Regional exploration on Dynasty’s large Prairie Downs tenements has identified potential iron targets that would enhance Dynasty’s 1.4 billion tonne detrital ironstone gravel deposit at the Spearhole Prospect.

• Geophysics and mapping has identified new direct shipping ore (“DSO”) targets on tenement E52/1927, including targets for concealed Marra Mamba iron ore formation deposits.

• Channel iron deposits have been reported to the south of Dynasty’s Spearhole Prospect.

• Dynasty’s vast “basal iron conglomerate” adjacent to Prairie Downs Fault to be tested.

• Dynasty has intensively explored less than 2% of its 4,000km²

Looks good Bigdog,

With the size of their tenement holdings, it was always on the cards they would find more "iron", and this is just the beginning!

Brockman (BRM) has been going ballistic with the Chinese interest, and DMA at these prices is looking very attractive. I just hope they can keep the "takeover vultures" at bay till they get the project more advanced.

Well done on picking it for the tipping comp .... hopefully you'll pick up a few % today
Cheers.

 

[kpas]

Re: DMA - Dynasty Metals

DMA's tiny market cap of $25m will definitely be a problem because of how lucrative their tenements are (no one would want to see a takeover happen at these levels).

Definitely appearing to heat up this week - I don't think it would happen on the back of that announcement though.

Maybe some investors are coming across to DMA as the result of the BRM takeover bid?

Either way, good to see DMA finally getting the appreciation that it deserves.

Can you believe the market allowed this to get to 13c only a matter of months ago?

 

[prawn_86]

Re: DMA - Dynasty Metals

DMA's tiny market cap of $25m will definitely be a problem because of how lucrative their tenements are (no one would want to see a takeover happen at these levels).

Is it really likely as a take-over target though? What are their proven resources? Or is it just running on nearology?

 

[kpas]

Re: DMA - Dynasty Metals

Is it really likely as a take-over target though? What are their proven resources? Or is it just running on nearology?

If the Chinese fail to takeover BRM and FRS, as they failed to get UMC (because BHP got it instead), I imagine they will be looking very very closely at others. DMA is a prime example for takeover for that reason alone.

It's still relatively early days for DMA but at $20m market cap, they are a sneeze compared to their most likely cousin BRM. Give them another 12 months and it will be a completely different story.

Currently:

1. Iron Ore prices are through the roof. BRM has a very similar product so DMA will likely have similar costings (give or take) to get their ore processed. Iron Ore price needs to be above approx. $40/tonne in order for BRM to cut a profit. It's currently estimated to be well above $120/tonne at least for the foreseeable future.

2. DMA's current resource is able to be beneficiated / processed, they have done some initial lab testing and are confident of 61+% Fe - this obviously needs further work and they probably need to do a larger sample. The point is, the potential is there for a very saleable product.

3. On top of that, they have bucketloads of it - 1.4bt and counting. They announced today further (potentially DSO) targets and they've barely scratched the surface of their other tenements. Long story short, they have enough now for a mine life and they are continuing to find more.

I think unless their new tenements have a high grade DSO, they should stop exploring and start proving up what they have. Get a mine underway, use the profits to continue exploring later (much the same as what BRM has done with their other tenements).

4. DMA is not that far away from BRM. BRM's DFS confirms that on 17mpta, BRM can profitably build it's own rail. I don't see why DMA couldn't also do the same.

5. DMA already has Chinese investors on board, if they do need to build rail, they have the ability to raise capital quickly.

6. DMA also has a stack of other non Iron Ore potential - this is largely overlooked by most investors. Probably because once the iron ore is underway they can diversify later. I don't know, but it's worth considering.

Finally, DMA management has delivered on every single milestone they have promised in the last 12 months. I have a lot of confidence in their ability to deliver as promised.

The only thing DMA doesn't have (and may not be able to get quickly) is port access.

Possibly they could leverage off the NWIOA's port (BRM/FRS/AGO) if they don't get taken over.

On that note, DMA is quite possibly a takeover target for AGO given they are neighbours and AGO has a bundle of money to invest. This is worth investigating all on it's own.

 

[happytown]

Re: DMA - Dynasty Metals

...

6. DMA also has a stack of other non Iron Ore potential - this is largely overlooked by most investors. Probably because once the iron ore is underway they can diversify later. I don't know, but it's worth considering.

...

as to dma's non-fe tenements

dma have previously stated what their goal is with their non-fe tenements

they have decided to transfer the tenements into 3 wholly owned subsidiaries as follows:

scorpion resources ltd - stanley nabberu tenements (wa cu, zn, pb, au, u308)
irwin energy ltd - (coal csg)
taurus resources ltd - (wa/nt u308, vic au)

seeking to spin off these subsidiaries into listed co's on asx, offering s/holders priority offer and/or in specie distribution [see ann dated 16/04/10]

in july geo-exploration & mineral development bureau of ning xia (described as state-owned chinese expl co) were in perth discussing dma's wa/nt u308 tenements (incl stanley nabberu) re funding and divesting then listing in new co with dma s/holders receiving in-specie distribution [see ann dated 16/07/10]

 

[bigdog]

Re: DMA - Dynasty Metals

http://www.abnnewswire.net/press/en...ate_Suggest_160Mt_DSO_Product_Achievable.html

Press Releases
Distributed: Jan 27, 2011

Dynasty Metals Australia Limited (ASXMA) Test Work Results To Date Suggest 160Mt DSO Product Achievable

Sydney, Jan 27, 2011 (ABN Newswire) - Iron ore company Dynasty Metals Australia Limited (ASXMA) ('Dynasty' or 'the Company') today announced positive results from processing test-work recently completed on an initial bulk sample from the Company's Prairie Downs Iron Project, which clearly indicates that a large portion of the higher grade ore is fully recoverable at DSO grades. In addition the Company details its near-term exploration plans.

Dynasty has a large undeveloped and contiguous deposit strategically located in the Pilbara region of Western Australia which comprises a global Inferred Resource of 1.4 billion tonnes at 23.5% Fe that includes 932 million tonnes at 27.4% Fe.

Malcolm Carson, Technical Director of Dynasty Metals, said:

"Recent test-work has continued to indicate that the Prairie Downs Ironstone Deposit can be upgraded to DSO grades via simple, low-cost processing. This has triggered further evaluation and exploration work as the potential of these vast detrital ironstone deposits is becoming more widely apparent. Iron ore companies are advancing similar projects and recent mergers have resulted in larger land holdings, consolidating the ownership of stranded deposits and increasing the likelihood for significant discoveries.

"A recent example is the takeover of Giralia Resources by Atlas Iron. Following this transaction, Atlas Iron will have substantial tenements immediately to the east and south of our flagship Prairie Downs Iron Project.

"At Prairie Downs, Dynasty has a vast portfolio of tenements (~4,000km²) strategically located in the south-southeast Pilbara in close proximity to some of the world's largest iron ore mining operations and in an area ear-marked by major companies as very prospective for large iron deposits.

"Dynasty's remarkably low-cost exploration program has already identified one massive channel ironstone gravel deposit in a very short time frame. Any project developed on these near-surface ironstone gravels is likely to have relatively low mining costs and therefore the potential to be very profitable."

Bulk samples on this iron mineralisation were collected during 2010 and processing test-work is well underway. Four bulk samples each comprising 5 to 7 tonnes were collected using a Sonic drill rig and three representative samples, have been submitted for test-work. An additional, 10 tonne sample was also collected and remains in the field for collection.

Preliminary processing test-work was recently completed on one-tonne of the 6.5 tonne Area 3 sample which was considered representative of the ironstone gravel resource. The test-work undertaken on this material was designed to determine the iron contents of various size fractions.

The test-work of this pilot sample focussed on grades not yields and it has:

- contributed towards determining the optimal processing method;

- preliminarily indicated that blended product grades can be achieved of approximately 57% Fe, 6-7% Si, 6-7% Al and 0.05% P with a yield in the order of 17%. Portions of the sample returns grades >60% Fe and <3% Si, <1% Al and <0.03% P with yields of up to 10%;

- confirmed that the Ironstone Gravel Deposit, with simple processing, can achieve typical DSO grades.

Applying this "preliminary indicative yield" of 17% to the portion of the Inferred Resource at a cut-off grade >27% Fe (932 million tonnes at 27.4% Fe) indicates at this stage that at least 160 million tonnes at DSO grades may be recoverable from the current resource. This represents a large proportion (80%) of the previously published 200 million tonne target for the Spear Hole area and compares with Brockman's estimated DSO production of 419 million tonnes.

Further work is ongoing on the Area 3 sample and on the remaining bulk samples to confirm these results and to investigate methods which may further increase the product grades as well as focussing on methods to increase the yield.

This work has enhanced Dynasty's understanding of the deposit and the high-grade zones within the gravels. It is hoped that with more testing, increased understanding will confirm and potentially improve these results. However, it should be noted, these results require further confirmation before they can be considered a reliable indication of the grades and yields obtainable from the resource.

In order to further test processing of various size fractions, further drilling using a Sonic rig is planned to collect larger samples in the next phase of exploration.

Exploration

The Dynasty Board has approved the following program for the Prairie Downs over the coming few months:

- Prairie Downs Ironstone Deposit: Complete 2010 beneficiation test work and optimise flow sheet.

- Base line "seasonal" environmental studies will also be carried out in preparation for mining lease applications and mining approvals which have a two-year lead time.

- Regional exploration for further iron ore using interpretations of airborne geophysics completed last year, reconnaissance mapping, rock chip sampling and drilling.

The above work will continue to evaluate the detrital deposit and provide information required to plan the work required to further explore and evaluate the iron ore potential of the Prairie Downs Iron Project.

The next stage of work is planned to commence by May 2011 and is likely to include:

- Processing testwork on additional Ironstone Gravel Deposit bulk samples;

- Reconnaissance exploration on Prairie Downs tenements to identify high grade hematite targets;

- Preliminary exploration on the massive iron rich basal conglomerate; and

- Reconnaissance exploration on Dynasty's other tenements in the Pilbara Region.

This work above is expected to provide the basis for many components of a Pre-feasibility Study ('PFS') on the Prairie Downs Ironstone Deposit. A PFS will take 12 to 18 months and its scope would include:

- Mine planning and costing;

- Process engineering and costing;

- Infrastructure engineering and costing;

- Environmental studies, native title negotiations;

- Government negotiations for application for mining lease;

- Off-take requirements and preliminary negotiations with potential off-take partners;

- Funding options, and preliminary negotiations with sources of funding; and

- Detailed financial modelling and commercial analysis.

For the complete Dynasty Metals Australia Limited announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/65088-ASX-DMA-525923.pdf

 

[barney]

Re: DMA - Dynasty Metals

This work has enhanced Dynasty's understanding of the deposit and the high-grade zones within the gravels. It is hoped that with more testing, increased understanding will confirm and potentially improve these results.

This work above is expected to provide the basis for many components of a Pre-feasibility Study ('PFS') on the Prairie Downs Ironstone Deposit.

Reading between the lines of this and previous announcements, I get the vibe that the Board are very confident with what they are finding out on the Prairie!

Next 12 months should start to give a clearer picture on just how valuable their leases might be ... They certainly have the volume of resource, and it looks like they are tapping into the better graded areas .... The comparisons with a young BRM appear to have some foundation. ... Patiently holding corn:

 

[barney]

Re: DMA - Dynasty Metals

... Patiently holding corn:

Hey Bigdog, This should take you up the Comp leader board a bit today

Posted on the breakout thread as well.

The Board is having a shakeup, and the traders seem to be interested.

 

[barney]

Re: DMA - Dynasty Metals

Closed on its high of 31 cents today. Up just on 17%

Would ideally like to see some follow through over the next couple of days to shake out any dead wood.

A lot of potential to go higher over the next year or two, but a good start with the breakout today.

Still patiently holding, but slightly more excited than in recent weeks

 

[bigdog]

Re: DMA - Dynasty Metals

Barney, DMA is well down on the stock tipping list!

Speeding ticket issued yesterday:
14/02/2011 Response to ASX Query
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01150749

buying shares yesterday -- perhaps more shares are needed for the vote at next March 21 meeting:
- regarding proposed removal of directors Carson, Levy, Anderson, and appointing Revell as a director.
- The resolution is being proposed by Tay on the basis that the company is too small to support so many directors/cost, most directors are Sydney based and have other directorships subsequently lowering their effectiveness with DMA.
- Tay goes on to say that Richard Oh will support him with Revell.

Lets hope that share buying continues today!
-- I hold DMA

 

[barney]

Re: DMA - Dynasty Metals

Barney, DMA is well down on the stock tipping list!

l
Lets hope that share buying continues today!
-- I hold DMA

Well down the comp list, but jumped a few places yesterday at least

I agree the buying looks like a bit of "vote accumulating". A Board shakeup might just generate a bit more Investor interest in DMA. Huge potential relative to its market cap!!

 

[bigdog]

Re: DMA - Dynasty Metals

Very interesting ANN!
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01157421

1 March 2011

CIRCULAR TO SHAREHOLDERS

Dear Dynasty shareholder

Extra-ordinary general meeting of shareholders to be held on 21 March 2011

I refer to the shareholder extra-ordinary general meeting ("EGM") convened by Mr Lewis Tay to be held on 21 March 2011, and at which proposed resolutions will be put to Dynasty’s shareholders for the removal of Messrs Ian Levy, Malcolm Carson, and Graham Anderson as Directors of Dynasty.

The Board has resolved to establish an Independent Board Committee ("IBC") so that the Company and its Directors may discharge their obligations with respect to the forthcoming Shareholder EGM. Those duties include the disclosure of information within their knowledge which is material to enable Dynasty’s shareholders to determine their actions including whether or not to attend the EGM.

The purpose of this circular is to provide that information.

Circumstances in which Lewis Tay’s executive director powers were terminated

In February 2010, it became evident to the Directors that Lewis Tay, as Executive Director of Dynasty, had purchased large numbers of speculative shares in mining companies in the name of Dynasty. When the Board met on the 23 February 2010 to discuss this situation, the value of Dynasty’s share trading and cash account that was being operated by Mr Tay, was $1,068,000.

Mr Tay was told by the Dynasty Chairman during the Board meeting discussion, that:

"Share trading is not our core business, and that shareholders have invested in the company and given Directors the responsibility to spend money on exploration, not the trading of shares."

The Minutes of the Dynasty Board meeting of 23 February 2010 record:

Mr Tay advised that he had been undertaking trading in Atlas Iron and Cudeco as well as the holding position in Poseidon and Fairstar"

The Board discussed the policy of share trading.

The Board RESOLVED to:

1. Transfer the broker cash account to a term deposit;

2. Cease the purchase of new shares;

3. Immediately sell those holdings in stocks with high liquidity;

4. Immediately sell the holdings in Cudeco by end of February 2010;

5. Sell progressively into the market for those stocks with low liquidity with a view to have a nil investment by 30 June 2010."

It was later discovered that Mr Tay did not comply with the Board resolutions 2, 3 and 4 and had continued buying and selling new speculative stocks after February 2010 in the DMA account – in the name of Dynasty.

In early January 2011 it came to the Director’s attention that Mr Tay was still purchasing speculative shares in Dynasty’s name, using Dynasty funds. The other directors were not aware of this because Mr Tay had arranged for the share trading statements not to be sent to Dynasty’s Sydney or Perth offices, but instead to a private Post Office Box used by himself and some other Dynasty shareholders.

The trading statements indicate that in the December 2010 quarter, Mr Tay had been buying heavily into Argonaut Resources Limited (ASX:ARE) in Dynasty’s name by purchasing over 4 million shares thus making Dynasty a major shareholder. This contravened the 23rd Feb 2010 Board direction to cease buying any shares and to divest all existing shares.

An urgent Board meeting was called at the earliest opportunity on Monday 17th January 2011. At this meeting, a number of apparent financial and corporate irregularities that concerned the Board were discussed, including the unauthorised share trading.

Regardless of whether Dynasty suffered a net profit or loss as a result of Mr Tay’s actions, his direct and persistent defiance of a Board directive and his use of a personal post office box in relation to these activities, meant that the Board had lost faith in Mr Tay and considered it had no option other than to immediately terminate his executive powers.

The majority of the Board (with Mr Richard Oh dissenting) also recommended to Mr Tay that it would be appropriate for him to resign as a Director of Dynasty Metals. Mr Tay declined to follow that recommendation and on 18 January 2011 requested that the Directors of the company call a meeting to consider the proposed resolutions to remove Messrs Levy, Carson and Anderson.

Mr Tay’s qualification
Shareholders should also note the claim made by Mr Tay in his Notice of Meeting that he "holds a Bachelor of Science Degree".

Following inquiries by the Board, Mr Tay indicated that his degree was awarded by the University of Technology Sydney (UTS). UTS stated that it had no record of conferring a Bachelor of Science, or any other degree, on Mr Tay. Mr Tay has since stated that he attended UTS under the name of Kin Yu Cheng and has since changed his name to Lewis Tay. UTS have stated that a Kin Yu Cheng studied at UTS from 1986 to 1991 and was awarded a Bachelor of Applied Science in Computing Science, not the Degree of Bachelor of Science.

 

[adobee]

Re: DMA - Dynasty Metals

this is pretty crazy . .. I would be very interested to see if Mr Tay has been profiting directly from these sales either by way of taking profits or also holding shares in the companies in which he has been purchasing or haveing associates holding shares in these companies.. if this is not the case I can see no reason why he would continue to do this in such an illusive manner to the point of taking out a seperat po box..
Super Dodgy !

 

[ChitWai]

Re: DMA - Dynasty Metals

this is pretty crazy . .. I would be very interested to see if Mr Tay has been profiting directly from these sales either by way of taking profits or also holding shares in the companies in which he has been purchasing or haveing associates holding shares in these companies.. if this is not the case I can see no reason why he would continue to do this in such an illusive manner to the point of taking out a seperat po box..
Super Dodgy !

Goodness this has been going on for a while. First there was a surprise resolution to remove Mr. Tay as executive director, then it was Mr. Tay's retaliation via the resolution to remove Malcolm Carson and his friends on the board and now this!? All I know is so far nothing good has come from the deals that were formed by Graham Anderson, Mr Carson and his group, all he has done so far is dilute existing shareholder holdings with capital raised at ridiculously low share prices and I bet someone is profiting from these deals. I'm all in support for Mr. Tay on this one, DMA needs to get rid of Mr. Carson and gang and get someone in who can maximize shareholder value.

 

[bigdog]

Re: DMA - Dynasty Metals

Very interesting ANN!
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01157421

1 March 2011

CIRCULAR TO SHAREHOLDERS

Lewis Tay issued the following Response to "CIRCULAR TO SHAREHOLDERS"

7th March 2011

Dear Shareholders

I would like to comment on the recent Circular the Independent Board Committee (IBC) circulated to Dynasty’s shareholders. I have taken legal advice on the misleading and incorrect comments in the Circular and have been advised that some of these comments are also defamatory. As such I am considering bringing legal action against the IBC and Terry Gygar for these comments.

Before commenting on the Circular, I would like to bring the focus back to the reasons for calling the EGM, which is strictly driven by my concerns for the future of Dynasty. I also believe that shareholders (of which I am large one myself) deserve a Board where all Board members have the necessary mutual confidence and trust in each other to operate harmoniously and effectively to increase shareholders’ value.
Changes in the Dynasty Board

The Circular made no mention of the pressing issues facing Dynasty, it is simply a smear campaign against me, intended to take the focus off the main issue, i.e. future of Dynasty and the best way to ensure optimum returns to shareholders.

As I stated in the Notice of Meeting, Dynasty urgently needs to have a WA based exploration team and experts in metallurgy and mine geology to take the Spear Hole deposits to the next stage.

I propose that Dynasty:
1. Fast‐tracks the exploration to identify the high grade DSO targets to compliment our billion ton detrital project;
2. Examines the infrastructure solutions best suited to the project; and
3. Undertakes a pre‐feasibility study in relation to the project.

I have extensive contacts in China and South East Asia, which I am confident will be useful to Dynasty to secure any major future funding that maybe required and I believe that with the proposed Board changes, we can transform Dynasty into the company we all hope it to be.

If you support my view for the future of Dynasty, I would appreciate your support by voting for the resolutions that I have put forward in the Notice of Meeting. I firmly and sincerely believe that this is the best way forward for Dynasty.

I have acted and will continue to act at all times in the best interests of Dynasty and the shareholders.

Whilst I view the comments in the Circular as secondary to the main issues, to ensure that shareholders are fully informed I comment on them below.

Share trading
The shares in Atlas Iron (500,000) and Poseidon Nickel (227,978) were allocated to Dynasty as consideration for the sale of some exploration tenements to these two companies, which occurred before I was appointed to the Dynasty Board; Dynasty also subscribed a further 1,800 Atlas shares by participating the Shareholder Purchase Plan.

The Dynasty Board unanimously approved the investment of $300,000 in Fairstar Resources in 2009.

These transactions were recorded on page 57 of the 2009 Annual Report.
In 2009, the Board instructed me to orderly cash in Poseidon Nickel, Atlas Iron and Fairstar Resources,

By 23 February 2010, the time of the mentioned Board meeting, I had sold out 501,800 Atlas Iron shares, with the remaining portfolio worth around $245,000.

I note that my trading of the remaining shares, without any additional capital injection, returned a $72,343 profit to Dynasty plus a net holding of 2,546,099 Argonaut Resources shares. These Argonaut Resources shares were valued at around $250,000 at this date. Please note that Dynasty has not at anytime ever owned 4 million Argonaut shares as stated by IBC.

Use of my personal PO Box
Dynasty has at all times been kept aware of the Share transactions, with the share trade statements /ledgers being forwarded to the Company Secretary at his business office for the preparation of the Quarterly reports, which had been the practise for the previous 12 months .

Dynasty was and is still temporarily sub‐leasing office space in Sydney , the use of my personal PO Box is therefore nothing more than a temporary measure until a permanent office address could be provided, or a Perth office has been set up.

My qualifications
Kin Yu Cheng is the Cantonese spelling of my Chinese name when I lived in Hong Kong, while Kian Loo Tay is the spelling of my name in Hokkian. I have always been known as Lewis, and in 2002 I formally changed my name at the Australian registry to be known as Lewis Tay, to be consistent with my Singapore family, a practice consistent with many people of Chinese descent.

Due to the length of time that has passed since I obtained my university qualifications, I incorrectly listed my qualifications as a “Bachelor of Science” rather than a “Bachelor of Applied Science” and inadvertently did not inform the Board that the degree would be listed under my previous Cantonese spelling.

I shall be pleased to answer any queries or provide any clarification required on 0433 166 818. I respectfully remind shareholders to remain mindful of the reasons given in the EGM notice and not to be unduly distracted.

Sincerely Yours

Lewis Tay

8870