Ann: Chair's Address to Shareholders - 2023 AGM, page-5

Regarding above, why now -

1. Constant referal to zinc stinking - contrarian play given Federation's strong zinc endowment. Zinc mines closing everywhere across the world.
2. The lag time to accessing Great Cobar's copper endowment will hopefully correlate with stronger prices and media hype,
3. Dargue's free kick on gold for 12 months,
4. Management is looking tight and its vision looks sound.
5. Turn around more than coincidental with arrival of Independent Director, Lyn Brazil and his 20% holding.
6. Exploration around Cobar has always looked good. High grades and a range of metals.
7. NSW bureacracy unable to break Federation's mining lease issue.
8. Aurelia nearly died and has been given a new lease of life. Investing long may see multi-bag returns.

AIMO. DYOR.