Ann: Aircore Drilling Identifies Anomalous Nickel-Copper-Cobalt, page-165

Hey mac3,

Apologies, I should have expanded a bit more. Very impressed with the story unfolding here and just trying to piece together an indicative timeline of what the next 6 months might look like. Aim is to clarify my own thinking and hopefully help others in the process who may be wondering same.

Here's what I have been able to piece together:

• RC drilling completed (ann 14th July) with "Several encouraging anomalous nickel, copper, cobalt (“Ni-Cu-Co”)drill intercepts returned"
• Because of the encouraging results, MLTEM program initiated and expected to be completed in Sep quarter. Given we are half way through the quarter already that should be within the next month, give or take depending on backlog, availability etc. "In response to the results received, Russell Mortimer from Southern Geoscience Consultants who has guided and coordinated the Company’s geophysical targeting to date, has designed a Low Frequency(~0.125Hz) MLTEM survey over all of the target geochemical footprints (Targets 1, 2 and 4) previously identified. The aim of the MLTEM survey is to search for basement conductors that may be linked to thegeochemical footprints (dispersions). See Figure 1 for the planned EM survey boundary. Subject to EM crew availability, the Company intends to complete the survey during the September quarter"
• Next paragraph says they may do follow up drilling if the EM warrants it. "If basement conductors are identified, deeper drilling (reverse circulation and/or diamond) is thenwarranted to determine whether the conductor source is due to the presence of massive nickel sulphides."

So based off that announcement "MAIDEN FRASER RANGE AIRCORE DRILLING PROGRAM IDENTIFIESANOMALOUS NICKEL, COPPER AND COBALT" dated 14th July, I have extrapolated the following:

• Assume EM is completed end of August, give them a couple weeks to review results and design a drill program.
• If warranted (assuming a big YES!) book in a contractor subject to availability, probably then (and this is my guess only) appointed contractor starts, say end of September or early October (i.e. start of Dec quarter, again give or take a few days/weeks).
• A couple weeks mobilising, drilliing, maybe 3 weeks? That puts us mid-late October.
• Again guessing, results maybe take 4-6 weeks from then, so that puts us mid-late November or early December for assay results published.

Does this sound about right? Am I missing anything or grossly oversimplifying (probably!!)

Good luck to all.