Ann: Outstanding Drilling Results at Whim Creek, Northern Pilbara, page-34

When you see some of the holes you drilled on the cross section and you think "Geez, this old prune gets another suck, maybe they'll make it into a plum."

Hate to break it to you guys, but Mons sulphide isn't going anywhere with a bit of metallurgical hoohah. There's not enough sulphide to get a mine going with Mons, Whin Creek, Salt Creek, and Balla Balla. Venturex spent a good 5 years trying to get the Whim Creek sulphide resources to run, and failed. ANX doesn't even have all of the resources under its hat, how's a restart of a sulphide plant supposed to work with less ore?

The oxide circuit is a mess. It was a busted donkey pile of rust and malfunctioning cobbled together crud in 2008, and Straits lost buckets of money on it. If it's the same gear (and it looks like it) it's basically just rusty trash after a decade in the Pilbara sun and cyclones, and it'san OXIDE circuit, not a sulphide circuit. The only thing useful is the ROM. THe crusher was the worst bit of kit there, alway failing, and the rest of the oxide circuit is just conveyors to the old leach pads. The cell house for the SX-EW is totally useless for sulphide floating.

So, seriously, if management isn't being honest about this, I would caution punters to not get carried away on infill drilling. The Whim Creek area needs another 10Mt of decent sulphide resources to justify a restart, and it's just not that easy. I'm not saying don't take a punt, or flip some paper here, but...be realistic about the chances of a restart sans exploration success.

VXR even tried running a trucking of Sulphur Springs down to Whim Creek, and that didn't stack up. They dropped the Whim Creek dome.

ANX's real hope is the gold.