Ann: Trading Halt, page-42

Thought I would spend a weekend on one of my lesser lights to see where we are. This will be my last rant.
I love the story and opportunities that the projects offer however the EXECUTION does not meet my expectations.
I understand that Management have their skin in the game however they might make the wise investment choice of employing a new MD.
I hope tomorrow's acquisition doesn't dilute the focus on ESD and Empress further than it already has.

For me this project pricked my ears up however since this announcement not a lot of news has been reported.
I read the blurb that classified Empress Springs as a company maker!!!!!!!!! What has happened, nothing reported to the market, a bit of the same old in the quarterly and AGM.
23/03/2021 HydrogeochemistryIdentifies 90km Anomalous Gold Zone at Empress Springs“The region has avery broad and large gold signature in groundwater that has not been observedelsewhere in Queensland” - Dr Ryan Noble, CSIRO
“I believe EmpressSprings could be a significant new gold-base metal province. I think thehydrogeochemical gold anomaly is particularly impressive in terms of its strongcontrast to background” -Dr Jon Hronsky, AO

and this statement. They have had 2 complete turnaround on strategy for ESDs that have put us back 6 months and CR dilution.
East Sampson Dam Operations: Should the development studies demonstrate a viable project, East Sampson Dam has the potential to provide significant cash flow to fund exploration.

and this statement. Large ground position vs cash: This is particularly applicable to Queensland, with Empress Springs requiring significant expenditure to meet statutory commitments.
Isn't it Managements responsibility to PRIORITISE activity.
If they have too many projects and not enough cash then they have to demonstrate to the market RESULTS or move them on.

They don't even publish drilling results. They tell you when the drill started and finished but not the results. You have to go fishing.
Fancy putting Ralph up as Marketing and communication. He may be a good company secretary.
Never heard Marketing and Company secretary used in the one conversation.

PLANNED ACTIVITIES : August research work programs planned for Q3/Q4 2021
I have read the research doc commissioned in August. This was the TO DO list. I matched the list with recent announcements. There are some notable gaps. Positive side is that there is plenty of activity to come.

Silver Swan North

East Sampson Dam (M27/263):

– Undertake scopingStudy to determine costs and viability of open cut mining operation based oncurrent JORC Mineral Resource Estimate and toll milling at nearby goldprocessing facility; and,

– Undertake RCdrilling to test northern and southern extensions of deposit and at depth.

04/08/2021 EastSampson Dam Presentation No detail Link to booking

Tyrells and Hodges Prospects(M27/263 & M27/488): Silver SwanNorth

– Complete 8,000 maircore drilling program currently underway; and,

– Receive andprocess assay results.

23/08/2021 completionof Aircore Drilling at Tyrells & Hodges Prospects assays due 4Q21

29/09/2021 NickelSulphide Targets To Be Drilled at Silver Swan North

Happs & Yalumba (E27/528 &P27/2232):

– Plan aircoredrilling over auger gold in soil anomalies; submit Program of Works to DMIRS).

Black Swan South (ELA27/623 &633, PLA27/2441:

– Plan Ni and Auexploration programs (auger soil, gravity surveys).

Burracoppin

Burracoppin–Receive and process assay results from the recently completed diamond drillingat

Crossroads prospect(E70/4688); and,

– Releaseinterpretation of project-wide stream sediment sampling program.

08/09/2021 ExtensiveGold Anomalism in Stream Sediments-Burracoppin

Empress Springs

Plans are toinitiate an exploration program, including:

– Aircore drillingand hydrogeochemical sampling as per CEI grant from Queensland

Government; and,

– Geophysicalexploration including completing IP survey at Arrowhead prospect.

02/08/2021 MohoAwarded $200,000 CEI Grant for Empress Spring

No 'initiate" yet

I was interested that in the report they listed a SWOT
Strengths
Underexplored areas: We consider the Burracoppin and Empress Springs properties, although underexplored, to be highly prospective for the styles of mineralisation sought.
Advanced assets: In East Sampson Dam, a pre-production asset with JORC gold resources, also located on a granted Mining Lease.
Weaknesses
Services shortages: labour and slow turnaround in laboratories - this however is affecting most operators.
Complicated East Sampson Dam geology.
Structure and Cash: The current low market capitalisation makes it relatively hard to raise decent amounts of cash without severely diluting shareholders, , however the Company’s plans to develop East Sampson Dam are a solution to this, providing cash flow for
exploration without overly diluting shareholders. The cash position has also been helped by a recently announced A$200 k Collaborative Exploration Incentive (“CEI”) grant for Empress Springs, and a A$573 k Research and Development refund in the June Quarter.
Large ground position vs cash: This is particularly applicable to Queensland, with Empress Springs requiring significant expenditure to meet statutory commitments.
Opportunities
Exploration and drilling success: Given the quality of the exploration ground and the results of work to date, there is a good opportunity for exploration success at all projects, including increasing and upgrading the resources at East Sampson Dam.
East Sampson Dam Operations: Should the development studies demonstrate a viable project, East Sampson Dam has the potential to provide significant cash flow to fund exploration.
Acquisitions and earn-ins: This is a perennial opportunity should the right opportunities come up.
Threats
Markets and funding: These are major threats for resource companies and although currently strong, investor sentiment can turn on a dime and funding can dry up.
Poor exploration results: This goes without saying, and is a perennial threat to junior explorers who rely on risk (equity) capital, and operate a long term game in what is often a market with short term investors.

I see most of the problem of low MC a function of slow . inactive . board who are focused on their well being.
MC falls 40% and remuneration increases 50%. WRONG look to the market.
I will sign off. I will hold my small investment because of the potential and continue to monitor in silence.
I HOPE MY ANALYSIS IS WRONG, and this kicks but they need to pull their finger out.