Ann: Trading Halt, page-88

1. Sure, but they have since made out like the MRE was going to be bigger - which meant they had a reasonable expectation post fires that they could put more on the table. They then delay the release of the MRE, allegedly to have an impact on European markets, which built expectations far beyond what they clearly could reasonably deliver. Sell off ensues.

2. They had to go deep to get the interest from the market IMV, however they didn't capitalise on it. We are back to 10c (presumably), which is below the last CR and, if I understand their agenda correctly, this time around we will not have the excitement of going to deep. There is no apparent strategy here for how to build value in the company for shareholders. I have seen this lack of focus before in juniors that grant themselves millions of free shares so that they can make out like bandits, even if the share price ends in the toilet.

3. Not urgent from one perspective - the MRE and progression to early mine, sure. But its urgent from a share price perspective - perhaps things will pick up again but the run up hill is harder after dilution and without news that will materially interest the market. Without exploration drilling of the deep, we are a long time in this orphan phase. Thats probably fine if you're already sitting on bags.

4. I'm heard this one before and I am not buying it. What is the price of indium in the market? Kinda hard to say with any degree of certainty when only one party likely wants it. Has the US government thrown some dollars our way to get a mine going? Do they have a current stockpile and if so, how long will it take to go through that? And even then, how important is indium to the US government? Does indium even appear on the US strategic minerals list? Not last time I looked. It's all about Storm, or at least it should be. We don't need projects to give Dave and team work to do all year around. We need them to return value on our investments. Highest and best use of resources should win.

5. It should have been farmed out or JV'ed. I get that might take some time - but what have they been doing since they stopped drilling at Storm six months ago? Not meet any of the deadlines they set themself, thats for sure. We could have made a little money to perhaps avoid this dilution until they had some results again to interest the market.

I am less confident now that I have been - I had a great deal of confidence in Dave early on but he does not appear to have some of the characteristics that make a good MD. There was a superior and entirely predictable pathway over the last 12 months that we did not take for whatever reason, and we seem far poorer for it. Lets see if they can get on with digging a mine from here and not just digging a bigger hole.