Ann: Ceasing to be a substantial holder from HAO,HAO-EXC.AX, page-11

Despite ALL the charts and technicals... REALITY needs to be revisited ....

1. The EXC/PYBAR deal is potentially massive for EXC.... BUT, is it third time lucky ??? Firstly the disastrous result with Fortuna, then Pit n PORTAL ! EXC need to demonstrate they have the ability to get a deal over the line. Although this deal with PYBAR looks like it can be done and with the current AUD gold price it looks possible... BUT, history raises question marks on managements ability to close out a deal with this second fortune mine.

2. Lithium... Certainly the flavour of the month no doubt... What has EXC done ? ... Cracked a few rock samples... Big deal ! Very, very early days yet... No doubt though with the expected news flow going forward, that will keep the ducks quacking

At the end of the day though, it is the deal with PYBAR they need to consummate and IF done, that could be the makings of the company and a re-rating over 10 c ...even up to 20 cents.

Meantime in my view and until further evidence of "substance ", the stock is worth around 4 c to max 5 c... in this improving market sentiment.