Ann: Cobar District Exploration Update, page-6

Thanks for your thoughts Marcus. I guess I just think the big correction will come once we get Federation into production. At least initially there is quite a bit of gold (6m @ 110g/t) and at todays record prices that would be a real plus. Then zinc (intervals over 20m @ 34%)and copper being the two most valuable metals, kick in. 30c is then on the horizon. We then have Great Cobar which from memory has 43m @ 6% copper. Last time I checked the decline at Great Cobar was over a kilometre long and had reached quite a depth, Then Nymagee is starting to look very juicy. That's why I put this announcement into a different perspective. So yes, excellent results and ones that would spike another company that was maybe in its early days. As you say, there is a hangover from the past and in particular, a resignation from November 2022, but the record since then should be restoring confidence in the company. I see the bringing of Federation into full production as the 'seal' on the new management's ability to deliver, and it is this that will sign off on a new sentiment from investors. That's why I'm confident we'll hit 30c soon. The outer time limit I would suggest will be one of two things, ramping up Federation to full mining capacity (management delivered) , or the quarter in which that gold vein is milled (cash position shoots up). Either way, the wait is getting shorter.