Ann: Ophara Cobalt-Gold Project - Exploration Update, page-99

Lots of optimism going forward from their Ann.

Alloy is highly encouraged by the number and relative strength of conductors defined by the VTEM survey and
looks forward to commencing the planned drilling of the conductors in early to mid November.
The geological setting is regarded as being very encouraging with the conductors potentially associated with a
preferred strata that is strongly sulphidic. It is possible that magnetic and non-magnetic structures observed at
Great Goulburn and interpreted from aeromagnetics may be localising the stronger conductors.
Should mineralisation be associated with the conductors then large tonnages can be expected to be present.