Ann: Four Eagles Iris Zone strike length extends to 500 metres, page-47

RJB: In all frankness, if Catalyst actually believes Whitelaw is "Bendigo II", why in heck did you just give up 44% of what you own of it, for 60% of Marymia?

I'm old. I managed engineering teams & research labs for a long time, and can smell a bullshit on a progress report a mile away. When some team leader tells me what they've accomplished, what they're currently up to, and what their plans are, I compare it to what they told me a month ago, 6 months ago, 2 years ago, etc..

CYL is all over the friggin' place. Recently, they claimed they were building an 'eastern Oz and Tasmania-focused mining company'. Oops, now we're also focused on remote northern Western Oz.

Successful businesses don't work like that. Shocker - it's a competitive environment out there, and it takes focused, expert, detailed planning, to build a competitive advantage. CYL, instead, is all over the place. That OBVIOUS.

CYL has nearly doubled the share registry, thus far in acquiring Marymia. IMO, they're on track for another double, by the time they pay off the SGI shareholders, and pay off the many debts and mandatory expenses from FOUR claims packages and two mines. That's 4X dilution, of shareholders.

Tell me honestly, CYL bulls, that you could not have drilled out a very attractive JORC resource at Whitelaw, instead, with that kind of money.

Instead of FOCUSING ON WHERE THE BUSINESS'S MAIN LEVERAGE IS, Catalyst is all over the place. Management ain't ready for prime time.