Ann: Drilling Commences at Spur Project, page-10

Well we already have greater than 100+ grams times metres Au in SD010 in the surface lode. I recall early DeGrey investors used this benchmark / threshold to decide if they were going to play in the sandpit or not. It has served me well since. SD010 also ended in 23m @0.49g/t, with core from this end section interpreted to be WITHIN the inner porphyry halo, and more importantly, validating the IP Resistivity (purple in slide 7) of the presentation. Very important to note SD010 was drilled many years before Peter and the team recently reprocessed the expensive historical survey data (that Newcrest commissioned years ago I recall) and identified the current working model /interpretation on slide 7. This was initially announced last year after the spur acquisition and before the current drill program. Usually the survey/ model comes first and then you drill to test it. Also note SD010 is a scissor of SD004 that returned 55m @1.27g/t. The deeper drill traces on slide 7 show current DD testing of that purple zone I assume is to vector the path to the potential core.

As to where our assays are…if you know anyone at ALS Orange, tell them to pull their finger out! Peter has taken a ticket and is waiting in line. When we hit the core is anyone’s guess but the IP, grade, core, geology, off /side structure position, 5km proximity to Cadia operations, Peter’s Lachlan Fold Belt knowledge and whale trades ahead of DD provide me with great comfort we are drilling in the right place. The key risk for me currently is the core has been faulted away over millennia. however, this looks to be more of a risk for the main intrusion just to the north.

GLTAH and DYOR!