Ann: Quarterly Activities Report, page-357

Hi bas,

I greatly appreciate your kind words.
I do my best to interpret the geology based on my experience to help others.

Its something I also appreciate from others in areas I need help with.

On you're question about a multi core porphyry in oz from surface to depth when last found?

Spq will be the first in this space. I guess the last very large cu porphyry discovery was newcrests cadia.

But that was not found surface down, a few companies had a crack at that pre newcrest, and newcrest themselves were lucky to find that.

It multiple deposits, with some being very deep.

The next maybe cvv and cnb, along with alm.

But they do not have what Spq has.

I'll explain.

We have cockie creek and wynadotte with resources from surface down already, but the source. The porphyry yet to be uncovered at depth on both.

Then we have bottletree in the reverse, a porphyry will be found, then the resources.

2023 drilling campaign should find 2 porphyr, 1 under cockie creek and another under wynadotte along with increasing surface resources and or resources between surface and any cores found deeper.

At bottletree, if the 2022 campaign finds the porphyry, what we await, the 2023 campaign, will i assume expand its size.

There is still plus 800m west of surface soil cu to test there. Once they define its structure they can then resource drill.

Copper in cores is irrelivant at bottletree, whats important is structure. Vein sets, mo, Phyllic zones.

You can not drill for copper till you know the structure. For example across the holes, results point to different sources.

They need to know what that exactly means. I believe more than one porphyry exists at bottletree. Ie cadia, multiple deposits.

If bottletree is say, 2000m long, 750m wide, ie extension 750m se to hole 7 and a Median depth say 700m. That size, I'd be looking at 1b tonnes of ore minimum.

Then if we look at cockie creek and wynadotte there are similarities. Both start at the surface also.

So it looks like Spq may very well have 3 x copper deposits all surface down by the end of the year.

With 2024 most likely a resource drilling year.

As structure across all 3 is incomplete, it can not be ruled out, all 3 relate to each other.

All in all what Spq may have here is a completely new field measuring some 12km long, by 3km wide and that is excluding stream engine.

I believe steam engine is not part of the copper system based on host rock.

But windmill could be. To early to know of a few samples there.

Then throw in nickel. Spq have a hot-spot that I do not see any ware else in oz, other than than de grey, but that is a gold hot-spot.

Basically everyware they have taken surface samples, they have got mineralisation at this stage.

If they do turn up the goods across cockie creek, wynadotte and bottletree I am sure the big end of town will be interested.

Remember it's surface down, in a year or two msnufs turner's will be screaming for copper and power, road, rail are already sorted.

The risks is sizing only because we will have 3 copper deposits. Do they equal 100m tonnes of ore, 500m, 1b, 2b?

To know the answer will take till the end of 2024 at the earliest.