Ann: Mt Alexander - Drilling and Development Update, page-22

Hi All

Lots of criticism of St George following yesterday's announcement and to be honest I find many of the critical posters to be very hypocritical. Something I have come to expect.

Over the last 8 weeks many have heavily criticised St George for not providing any updates on S1, the shallow mining initiative, Patersons, etc, etc and now that they are starting to update everyone to keep the market informed those same people are criticising St George for hyping up the market. Make up your mind - you either want updates or you don't!

I have spoken to JP on several occasions over the last 10 days and he has taken the lack of communication feedback on board. He does regret not getting a few announcements out during the S1 drilling to explain the drilling progress to stop the market speculation and now he is addressing this but it looks like he is damned regardless what he does.

Yesterday's announcement gave everyone an update on S2 which we all should be welcoming. The announcement also provided information on progress like the new DHEM drilling targets, and the environmental report findings to support the potential mining activities. Sure the latter is not mining approval but it is a tick of the box that will support an application and gets another task towards mining out of the way. St George also updated the market on when they hope to start Patersons drilling and yes it has been delayed but as some posters have already stated the Covid pandemic and restrictions has not helped miners' causes regarding rig and crew availability, testing of results, etc, etc. I am not making any excuses for St George, just stating the facts as I see them globally. St George also advised everyone to expect a Patersons and Broadway updates later this quarter (ie March).

Some posters are also building up the hype that the S2 target will be hit over the next few days. This is not correct as whilst the S2 target is around 350m below ground level the actual hole depth to target is 550m. As it has taken around 9 days to reach 272m (30m per day), do not expect the target to be hit for another 10 days assuming no second crew for a second shift per day and the drilling does not slow down. However, as we have all see drilling will slow down due to depth, fragmented rocks, potential hole deviation, rig maintenance and rig breakdown. As such, I think 15 days to target is more realistic bring us to 10 March at a minimum imo. I am expecting another update next week.

Good luck to all holders.

Cheers
SandyC