Ann: 2022 AGM Presentation, page-234

Well Egg, you surprise me, no one is lecturing you on patience but on the contrary, being realistic as to the time it takes to put things together with a small crew that is very particular. This has always been the case with SPQ. Being hard nosed myself, the analysis from my perspective is more concerned that the costs do not outweigh the benefits as to when the planning can be delivered. A better insight as to how the market really works can be found in the book, "Trading in the Shadows of the Smart Money".

If you had researched old posts on HC with regard to management to see if their actions suit your style of trading, you would have seen a few comments over time with regard to communication being slow. This is of little concern to a position trader but maybe for a short term trader. In each case the time frame of patience is different. However, when news does flow it has been very well received, positive news. Peter has always been approachable on the phone. So that is an option a few it seem explore to obtain facts, but would rather use the public media. The benefits to date have far outweighed the costs. For some of us, we are up over 350%, and this year alone, SPQ out performed the top 200 ASX index by 41.99% in 2022. Across the board, on the other hand, people's super fund return during that period had fallen. We are waiting to confirm transformational results. The results to date with regard to gold and copper are already excellent.

What I have come to know, is that SPQ has managed their funds impeccably and that their energies have been focused on operations rather than marketing. It is what it is. Company goals are not the same as individual trading goals, because they have an obligation to derive a future profit from operations when their marketing is directed to customers; whereas at this end of the market, many traders are speculating on that growth which are personal trading goals. Usually, companies who market before producing need capital. There is no shortage of suiters for SPQ given what they have got, so the need to market in this regard is unnecessary if we were clinical about it.

From a strategic point of view, management would be crazy to let the cat out of the bag before all the I's are dotted given the majors hovering for a sniff. This is big business given the scope of what they have got. Peter is not obliged to make further comment except by what he is required to do under law and he has legal qualifications. If you read a post some time back by someone who knew him, it basically stated why he studied law after geology - so he could effectively deal with the cut and thrust of others in the industry. It is a reason why I studied law along with economics too. There are so many unscrupulous people out there. Reality. In the past I have held companies which were taken over and holders got bugger all. This is a good check on power to get the best deal. However, I feel Peter and the board want to do it themselves if past references to Steam Engine are any insight.

If we frame operations from a management perspective, we are dealing with politics, environment, law, economics and competitors. We need someone of Peter's capability and capacity to lead to derive the best outcome for holders during this infant period. So what is patience? “Patience is not the ability to wait, but the ability to keep a good attitude while waiting.”