Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

MAN
- 17.2mill cash, 17.6mill mcap at these levels. Basically an EV of 0.
- Directors have been buying on market over the years, I’m sure they would want to turn this around.

Upcoming potential drivers of SP
- Completion of due diligence of the Delfin Copper Project. It’s important to note that legal and technical due diligence has been completed/satisfactory, just awaiting on support from community
- Markets have been reversing so hopefully buying pressure can come
- Some of the copper strikes at the Delfin project are probably the best I’ve seen.


86m @ 4.83% Cu from 121m (DD-4) including:- 27m @ 7.1% Cu from 134m; and- 3m @ 14.4% Cu from 164m▪ 89m @ 3.2% Cu from 122m (SD-89) ▪ 34m @ 3.01% Cu from 18m (SD-27) ▪ 69m @ 1.90% Cu from 44m (SD-49)

Great risk to reward with EV being 0.

All comments IMHO