Ann: Maiden Indicated Mineral Resource Estimate at Sandy Mitchell, page-15

John8769I don't normally respond where people haven't done their research, seem to not understand crucial things and then put the boots in to the wrong target.I'm assuming you've lost sight of a couple of things, so some direct feedback might help. Misguided impatience will harm you more than the company.

winterscoming has given an excellent overview in Post #: 74074233 of the considerable achievements of AHK over the last 12 months. You haven't given credit for AHK management's company-making work but instead have fixated on the issue of how long things are taking, using the time taken to get assay results from a 3rd party lab as a sign that AHK's management is not acting "at pace". In doing so, you're words were misleading, and you also blamed the wrong party!I hope you want to learn from what is troubling you - rather than just have a dig under anonymity - so here's my attempt to surface the facts and put them in an accurate context.

Thousands of assay samples; tens of thousands of results;complex analysis

You said:

"…If it takes 6-8 months to assay and report a few bags of sand, how can they be trusted to process lots of bags of sand every day. …" (underlined by me for emphasis)

1. That is grossly misleading. "a few bags" is in fact a few thousand assays, and tens of thousands of results.
AHK said it assayed every meter in every hole drilled, and it drilled:

Stage 1: 144 holes for circa 1,488 metres = 1,488 assays

Stage 2: 187 holes for circa 2,400 metres, I think = circa 2400 assays

Total assay samples = more than4,000 .

But you didn't stop there. You said:...

2. "of sand".What nonsense!That 'sand' contains numerous rare earths + heavy minerals. I think you'll find we sampledfor a full suite of those elements (last of Stage 2 assays still to come) in each one of those 4,000+ one metre samples.Here's the heading of Appendix B of the Stage 1 assay results showing some of the elements for which assay results are reported. Count across the columns and calculate how many tens of thousands of results had to be obtained from the more than 4,000 samples.

"A few bags of sand" – pffft…

Furthermore, assaying of rare earths and heavy minerals is complex and requires much calculation and cross checking. You're not just counting sheep down a race … JandJ pointed out the difficulties in this Post #: 74085233. Fact. Move on.

You're pointing at the wrong target

A 3rd party lab is doing the assays not AHK so don't crucify the company.Plus, labs have been very busy especially in the period in question. They're doing their best - there's a lot happening in mining in Australia… Pleasingly, there has been some improvement in assay turnaround times from the lab but yes, we'd all love to see them sooner.

Determining commerciality is crucial – can't fixate on single metrics here or there

" No more blind faith, prove you can do things at a half decent pace first. …The opportunity cost is too high … I won’t be allocating another dollar to this value trap until management prove this…"

The Company's aim is to maximise the returns of shareholders by establishing if the Project is viable, then exploiting it as effectively as possible if it is.Management has to understand and risk manage all the big contingencies and value levers, not just assay results delivery times from 3rd parties.

Assay results – yes, ASAP, but not the only pebble on the beach and not always the most urgent given Project's total workflow

Assay times are important but may not be critical - everyone wants them asap - but other things are important too, and can have urgent elements:

* designing smart exploration and appraisal programmes inc. drilling the right areas in the right order;

* understanding the metallurgy – when that's needed;

* considering and starting to enable possible infrastructure (access);

* getting alignment (or at least a position) with other stakeholders like regulatory authorities or 'social licence to operate' interests;

* enabling funding (before it's on the critical path);

* considering possible joint ventures or other commercial arrangements etc.;

* engaging with possible offtakers (if you think you'll have a viable product);

* ongoing assessment of commercial viability;

* monitoring and managing possible deal busters etc.

Ultimately, you have to look at the Project programme and see if the timing of assay results are on the critical path, or whether they would just be 'good to have now'.I've heard nothing to suggest that the time taken by the lab has caused the Company any harm with the overall Project - whatever angst it may have caused us individually. Which leads me to this ...

Your own circumstances -v- shareholders' interests as a whole

If you aren't prepared to wait for how long it takes to properly carry out properly risk-managed mineral exploration in a complex segment (heavy minerals and rare earths), you could be in the wrong sector. Frankly, no-one else cares whether you hold or sell AHK so you might find more predictability in bank stocks or supermarkets or similar.

In a similar vein, management doesn't have to prove anything to you.In fact, directors and management must not t can't get distracted by any single shareholder and instead must act for shareholders collectively, to:

1. Identify growth opportunities - DONE brilliantly, by picking up this block in April 2023

2. Capture such opportunities on good terms – DONE

3. Understand the potential, by suitable exploration – DONE, leading to:

* immediate action to get a JORC resource, as a step to likely mining – DONE for Stage 1 - TICK; close for Stage 2 …

* understand the potential size of the prize, with an important add on to the resource being an Exploration Target over the massive project area – well underway and expected very soon -TICK.

* secure possible further value adding, via obtaining complementary acreage – DONE, with Application lodged and expected to be granted, on acreage to the north – another TICK.

Very nicely done by AHK's management.Don't miss the forest John8769 through fixating on one or two trees.