Ann: Wabli Creek Drilling Completed, page-75

Righto - thanks very much.

My thinking is that if I spend $5,000:

1. On shares = $5,000 / $0.011 today = ~450,000 shares
2. On Options = $5,000 / $0.004 today = 1,250,000 options

IF the price goes to $0.10 (yes, a big if, and we're an exploration company, so let's expect nothing etc etc), then:

1. The shares will be worth 450,000 x 0.1 = $45,000 less the original $5,000 = $40,000 profit.
2. The options will be worth 1,250,000 x (0.1 less probably 0.015, but could be a little more) = $106,250. Then I would gladly pay $0.015 to convert the options to shares = 1,250,000 x 0.015 = $18,750, meaning my net profit on those options would be $106,250 - $18,750 - $5,000 = $82,500 being over double the profit on the shares.

Taking into account a couple of comments above:

- I'm not fussed about voting rights, and
- regarding timing, the $0.015 for the Options is not being called until 15 April 2027. That's a long way off. If the current assays are a disaster, that gives our team plenty of time to refocus back on the gold and manganese.

Happy for thoughts and comments from anyone, except crackpots who have forgotten we are an exploration company working hard and hoping (key word: hoping) for a strong future, or those wanting to have a go at management (whose whole professional future and income relies on good results here).