Ann: Response to ASX Price and Volume Query, page-57

Agree. It needs a solid FA push to get it moving on the next leg up. This will come from the pending well reentries, expected sometime between now and end of Q1. Im not clear whether they intend to release the PFS for Stage 1 & 2 (as detailed in the PEA) only, or wait to have the data from the reentries so that they can include Stage 3. If the later, I expect the PFS to come through mid year with a NPV circa $2billion. Compared to recent PFSs from VUL and LTR, that would warrant a MC in the vicinity of $400-600M, or SP of roughly 50-70c.

Bull would be on top of this, but that is still a sideshow at this stage. It fulfilled its nearology role and garnered broader interest in the coy.

Improved Jorc for Paradox and finalization of the PFS should be the coys sole focus for the coming months. Ive said it a few times now, bring on those well reentry approvals and comfirmation of drills turning! That is the catalyst for the next leg, just as it was for the leg from 8c to 30c in late 2017.