Ann: Project X Regional Recon Program - Target 11 completed, page-12

We need to be reasonable in this website. There are a few things I would say aren't being fairly represented in this thread.

I do agree that the timeline on production has stretched further then I would have liked. Ideally we should be looking at PFS and Jorc now however things to considered.

1. We are moving towards feasibility and Jorc as we speak. The metallogeny is being completed right now which is needed for PFS, Jorc, decision to use a heap leach and pit design. We cant make it go faster and we also cant do the PFS without it, there no real work we can do at AT in the mean time. (Should this have happened earlier, probably but this was due to the old drill company's stuff up not Colins.)
- Colin has said multiple time that we will do PFS and JORC at the same time.

2. While we wait for the Metallurgy it is not like we are doing nothing. We are doing exploration through project X. We have hired someone to review the Uranium and will most likely do drilling there to expand the resource. We will also most likely be doing drilling at the old Joint venture ground as the JV has end so Barton cant stop us from doing exploration like they have for 2 years.

3. Although it might be taking longer then a normal company we are also spending half of what a normal explorer would on no exploration expenses. One of the largest risks in exploration is frivolous spending and Directors not having skin the game. MEU has neither of the issues. Colin owns 17% of the company and expenses are basically nothing outside of exploration

Most Importantly

4.. Although our share price hasn't increased our value proposition has increased substanually for basically free.

- Colin securing 100% of the uranium right when the Spot price had bottomed
- Boss Restarting is plant and $100 uranium price - This has added huge value to MEU
- Jumbuck purchase 3M - 300K OZ - Great purchase + 40 gold anomalies in the date (which were free)
- Barton leaving the JV because of the lawsuit. - Free 80K OZ in gold for the few grand on Legal costs. Great win for basically free
- Great drill result at AT.
- Rare earth next door- Basically for free.


I agree with most here that our pace is a lot slower then it should be and I hope Colin does know this. Is his attempt to spend shareholder funds wisely he has lowered the speed to the point that the market has lost interest. It does seem to me that we are ramping up our pace as we are currently working on the Uranium, AT and Exploration all at the same time.