Ann: MT ADRAH EXPLORATION UPDATE, page-15

this property is criminally under-explored

emphasis on the word criminally, and I suggest a study of the history of the project is essential before drawing smart alex top gun conclusions

the team in charge now is not the team from the past, this new, proven, team just sold a company to RMS after generating huge shareholder return

positives/pumpy aspects -

- there's a reasonable probability of discovering another Hobbs Pipe, and these pipes deliver mind-blowing intercepts during discovery

- if the high grade reefs demonstrate continuity they can deliver millions of ounces with a different metallurgical character to the pipes

- potentially with a few drill holes you are opening line of sight to a hefty resource expansion, market likes opening up blue sky

- the region features strategic competitive tension for elephants from well capitalised hunters like Newcrest, Evolution, Regis

considerations -

- I dont have faith in the IP anomalies to accurately target more pipes, so am glad they are doing widespread soil geochemistry which is a far better approach

- Hobbs Pipe is refractory in so far as met work to date, however there is a coarser gold component showing up in intervals of the most recent holes showing that perhaps there is more to discover. also i think there is a move to float > con for refractory gold deposits that are mineable, would like to see updated met work

- the high grade reefs are almost certainly not going to be as simple to target as the diagram implies, and further study is probably needed to understand the nature of gold mineralisation and ore shoot formation, but having the team that unlocked a brilliantly economic ore shoot at penny's find (SPX) gives me hope here

have nothing to say about the other company assets

I actually think they are worthless, seriously

but happy if the market wants to lose its mind over being close to DEG

I was interested in FRN way before DEG and looking forward to the team properly interrogating this open question at Mt Adrah situated on a very fertile structure and showing a lot of juice and possible points of follow up / further investigation in a wild bull market

there really aren't many properties like this around

and the murky past is actually to our advantage because how else would we have the opportunity to ride this vehicle now but with a decent, honest, proven team driving?