Ann: EXPLORATION UPDATE, FRASER RANGE, page-10

the buying recently does look favourable and someone certainly wasn't interested in waiting for some of the BOAOA to drop out. I've been parked there since I've entered and barely got anything.

the latter part of this year or H2 in general was somewhat the revised expectation of when we could expect tangible exploration results starting to come through including but not limited to drilling.

Looking forward to more on Fraser range, having a decent understanding of that area - it looks like more a case of when and not if. the teams exploring that area (the majors) dont make low success rate gambles (albeit almost all exploration has risk) but irrespectively it's a free carried venture for us on only 1 project.

As I said and I maintain, boa will be boring but low risk losing your investment. upside is in the exploration success both on the farm out and our 100% owned projects which look appetising and hopefully progress nicely this year.

SF2TH