Ann: RIU Explorers Conference Presentation, page-50

Hey, well received. "you could just as easily shine just as strong a light on the positive side of this company as the down side if it suited you"... probably not, to a hammer everything is a nail

"what has in the past led to big discoveries there probably has been an abundance of positivity over negativity to allow shareholders to risk their dollars for exploration and dig where the experts or general consensus had dismissed."... absolutely correct. Long experience and some knowledge of the odds tempers my exploration risk optimism. At the track I'll bet on favourites all day, win more often but with lower returns, probably don;t come out any better off than my mates (all exploration geologists) who no surprise chase long odds and the excitement of big wins. Risk-return-value is the game... the price you pay (market cap) is the value, potential return is quantifiable via peer comps, the odds and enthusiasm for punting them is subjective.

I wasn't paying attention to DRE when they joined the dots Mangaroon next door to Yangibana had similar ironstone outcrops/trends and the handheldXRF numbers would have looked the same also. That was a great risk:reward set-up. That target generation and ground truthing hugely reduced the odds from previous interpretation that Lyons Fault was a RE-hard boundary in the area. I love great targets with that sort of assay verifiable nearology. I love coincident, high-tenor geochem and geophysics bullseye anomalies in the right geology, right neighbourhood, who doesn;t. .

I don't get excited by large greenfields plays like Bresnahan, based on geological similarities to very rare RE-deposit analogues, with interesting early sniffs an order of magnitude below economic grades. I respect and appreciate exploration 'technical success', but I only get excited by good odds of economic discoveries. Neither does the market generally. PVW (led by NTU's ex-exploration manager) has a similar, more advanced and an arguably more valuable Athabasca Basin unconformity analogue near NTU's Brown Range deposit, yet the market values them at F-all. (I know I'm repeating myself, but you asked). Speculating is horses for courses...

I came onto DRE making the observations that Sabre/Y8 drilling was a disappointing follow-up to Yin, then that carbonatite assays were a disappointment from an economic potential, then that only two new ironstone prospects generated over 6 months from 44 new targets was also disappointing. The MC stayed at +$300M, posters still all high-fiving 'great results' and talking up 20c soon, yet flabbergasted sellers kept coming at 10c. My intention was to remind HC they can't expect results continually lower than expectations, yet the price to stay high, let alone go higher (though I knew it would end up in a fight). Risk-return-value bla, bla, bla. The non-Mangaroon exploration projects are interesting but barely MC noise imo compared to how Mangaroon exploration develops. Discovery potential definitively exists, just the market doesn;t want to pay much for it as usual, like me.

Other than call out some clear BS regards what some results really mean (I do that everywhere I go, including all the stocks I own), purposely stayed away from giving other exploration projects or even Mangaroon the full 2ic hammer treatment. I'm not out to kill upside or company vibe, just keep Mangaroon (and it's value) as it pertains to this 'potentially' world class RE district in perspective. I'm trying to play antagonist, not the terminator...

I'll be back...