Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-21

As those who have been around here long term would no doubt appreciate, my point is drilling to update a JORC is a never ending story with Peel.

Mallee Bull for instance has been ongoing for over 12 years now. Despite always talking Mallee Bull up as a fantastic resource & regularly using a thin veil to compare it to CSA Peel doesn't have the confidence to stick to one deposit & give it the attention & resourcing it needs. No, they are always off drilling multiple deposits looking to upgrade underwhelming JORC resources hoping to strike it rich.

Now Mallee Bull is in the process of planning an exploration decline. That's fine. But stop spending 10's of $millions first with more drilling at Wirlong, Southern Nights & god knows where else.

The trouble is with the costs they currently have in front of them the current registry will have to at least double in size. That is before any plant ( if ever ) is built.

So share holders may end up with a producing mine or mines ( debatable ) but the amount of scrip on issue will be such the returns will be negligible.

If there is one thing you can guarantee on with Peel it is your holding will stay priced somewhere between 15 & 25 cents. But on a continually diluting basis.

The only people who are going to win out of this are those who trade the swings & the directors & senior management who are handsomely paid.Everyone else IMO is just canon fodder.