Ann: Rafaella Completes Oversubscribed Private Placement, page-21

Hi there,

Only posting as tagged and to indicate that i did in fact probe on this in Post #:56215544 where they did highlight the issue with the quarry operator twice in my queries. I follow up in a later post clarifying my reasoning for exit.

"I think once the feasibility arrives it will give much greater clarity to the current optic here. it got a little confusing and i think that market somewhat starting to wane thinking the same. underground vs open pit PFS timing when? which FS are we looking at etc etc etc.

I gave this feedback to the directly a couple of times months ago about crystallising direction and strategy and re-affirming timelines for the conjunctive strategies. The project needs very little capital to get of the ground so it's highly likely to get funded, it's just taken a little longer than they'd hoped."

I also sent follow up queries after the last email response which was never responded to, which is general a red flag - both as respect/courtesy but maybe also something else at hand.

Agree there should have been greater transparency and affirming of the strategy, direction and timeline and as indicated in Sept last year was pretty much the reason for exiting.

haven't looked back at the project, but probably still some decent potential - they just need to deliver now. Otherwise a director washout could be impulse to turn it around.

As always best of luck everyone.

SF2TH