I have a relative who's a professional in the business, and ran the Kodiak options situation by him - shareholders reacted strongly at first because we're all a bit on edge, but apparently we're actually in pretty good shape.

The options granted were in part pent-up, waiting to fulfill past obligations (and made possible at the last AGM), and in part to fulfill bargains made to set up the top-flight talent Kodiak has attracted. To me a bargain well worthwhile. I understand that the date was chosen in advance and the price set just above the market at the moment - that is normal. I confirmed that the 1.35 million spread over the whole team was the aggregate total, and not any individual number.

I know from looking at the past records that a number of options were exercised and paid for by Kodiak people at much higher numbers, and to that extent they're underwater in the same way we are. After review I'm calm like a number of investors I've spoken to and happy that this puts the whole team solidly on our side. We're all in the same boat.

I took at hard look at my investments recently and sold many off, but added Kodiak. We're better positioned that we ever have been - drills turning on 4 projects (West Millennium, Hercules, Milestone, and West Geraldton - with a fifth project added shortly afterwards - probably Wild Goose), and as we speak ounces are being pored over for inclusion in the 43-101. I have a feeling Kodiak will be one of my bright rays of sunshine among all my other holdings.