Ann: PNG Project Sale, page-39

I'm a new shareholder in this company as of late last year. I was attracted to it for the potential exposure to REE. The gold was a very distant last reason.

But I am a little amazed that many of the LTH's, who have been rightly complaining so very loudly over many years about the disaster that was the PNG gold "play" by previous management and who I have a lot of sympathy for, are now complaining that the sale price was not enough. Sorry, but talk about having your cake and eating it lol !!

PNG is a very difficult jurisdiction and the mine site is very tough terrain - this was always going to be a difficult mine to establish. The previous work there should be enough to convince anyone of that. Sure, the price was probably disappointing to most and maybe there was some further upside, but I feel that an exit now is the right move.

The Board has made a commercial decision presumably in the best interests of shareholders to exit this investment. That is their role. They obviously concluded that further investment in this mine was not warranted when they had substantial expenditure on other more prospective tenements. You have to bow to their judgement. Time will tell if that was a wise decision. On face value, it looks to be that way.

You have to ask yourself this question as an investor in this company - do they have prospects that will enhance shareholder value and will this take the company in the right direction ? Well, REE/lithium/kaolin/alumina are critical elements in the EV revolution so the positioning of the company is spot on. Australia is a most favoured nation in the supply chain as well - recent world events should be enough to convince anyone of that. So we are in the right place with the right mineral types at the right time. I can't fault the management on this direction.

Anyway, I hope the Gascoyne announcement is a good one and allows those LTH's to recoup their hard earned dosh and exit if they wish. But, for me, this is an emerging company in the right space and I'm very happy to go for the ride.

Happy investing.