Ann: Ricciardo Delivers Australia's Largest Open-Pit Sb Resource, page-188

What a difference five months has made at WA8. The late 2024 surprise CR that didn't go down well with shareholders is well and truly behind us. For the new WA8 shareholders, that raise was even unpalatable to the MD and she did a lot of soul searching over Xmas/New Year. if you read some of @Joelstar posts about the history and links of the Chair to one of the retail broking firms in Perth, you'll get the picture. But those days are behind us on the back of Amanda's execution of the antimony MRE and just as importantly, the market for quality junior explorers has changed for the better too.

Whereby, last year companies like WA8 in need of cash were at the mercy of the vultures (the churn and burn brokers who we all know), things have changed. Sitting on the register now are the likes of Datt Capital, Acorn and Nero. These funds buy in with the aim of getting behind high potential juniors longer term and from what I've been told, they actually get involved in opening doors to people/consultants/strategic thinkers that will assist WA8 GROW the business opportunity. This has even evolved since the MRE came out and Amanda alluded to this in yesterday's webinar with global antimony experts, mining consultants and no doubt others, helping shape the strategy. Even the evolution of her presentations, the strategy to show the market the path to production (many,many opportunities here) is far sharper and clearer compared to six month ago.

I also understand that on the back of the success of the antimony MRE, the usual Perth broker suspects were trying to get in the door to offer a cheap raise opportunity and were told that if they saw WA8 as such a great opportunity, go away and buy on market and prove your support for six months, then come back and talk. Love hearing this on the grapevine!!

So what has changed since then? Runs on the board with the antimony MRE obviously. And the growth/path to production/monetisation strategy is now a lot clearer. Amanda is smart and the type of person who surrounds herself the best and brightest, as all great leaders do. She also has the backing of some highly regarded fund managers who will no doubt throw their weight around if they need to. In other words, any cheap CR proposed by a vulture broker has less chance of getting up.

That said, IF (and only if), the SP continues to appreciate in the next few weeks and months, and the opportunity arises to raise money with the right conditions and backers attached, it would make sense to raise at that time. However, with the potential for toll treatment deals to be struck, or a deal/JV with Big Springs obviously in the mix (first time I've heard Amanda definitively say that Big Springs will be divested or JV'd!), the options to raise cash to drill and execute the strategy compared to five/six months ago, are significantly greater.

Sometime over the next day or so, one of the drill rigs will be mobilised. How good to hear that Amanda also has secured another rig too. Longer term. a belt scale opportunity is potentially there. I've always liked her methodical approach but sometimes thought she was too cautious. The antimony opportunity has no doubt given her and the team a lot of confidence to move faster to maximise the opportunity. The methodical and diligent approach will remain, but the speed of execution and drilling is stepping up.

Lots of news to come!