Ann: Quarterly Activities Report - Period Ending 31 July 2018, page-8

Chris and Clark,

The comments about SIMEC commencing drilling in October also surprised me and I thought I must have missed an announcement - but it seems it is news to both of you as well.

I see this as a more significant announcement than other announcements in the last week or so.

Whilst I am curious to know more information about the deal, I am less concerned about what was given up as I would rather have a share of some revenue (regardless of size/percentage) than a potential resource sitting in the ground with no money to progress any project properly.

Plus GFG Allianz and Gupto move very quickly and in a positive direction.

HAV is more like a snail race where all the snails in the race are HAV projects and whenever a snail pops out of its shell management jumps on that snail with the excitement of a jockey about to ride the Melbourne Cup, starts whipping the snail which slowly turns around in the small circle before going back into its shell exactly where it started.

I'm tipping SIMEC could be mining iron ore from Maldorky and Grants before Kalkaroo BFS is completed and any PFS for Mutooroo is completed!