Ann: Quarterly Activities Report - December 2022, page-2

It is all very quiet in these threads, not a word for over a week now. Very slow and a lack of newsflow unfortunately. Having a more detailed read of the quarterly, this is what I came up with as potential newsflow in the coming months:

1. Mt Edon project Lithium and REE:
- Awaiting shareholder approval in Feb EGM, but once complete, they will be going all guns blazing into this project and drilling target areas imo.

"EMC has funded a due diligence work program including a 507m reconnaissance RC drilling program to determine whether to proceed with the farm-in. The drilling was conducted from 8 drilling fence lines and included 24 shallow holes with an average depth of 21m. Interpretation of results from the recent drilling program has confirmed the pegmatite samples are anomalous in terms of rare metals by a median factor of around 14 times higher than background host rock and suggest that there are several prospective targets for lithium-bearing pegmatites within the Project area. Pegmatites appear to be a folded sill dipping into variable directions and angles and connected at depth."

2. Rover project Lithium Exploration by Rio:
- Initial drilling, not massive, 1000m max but enough to prove Li potential and go from there...

"Following the completion of an initial exploration program, RTX has exercised its option to earn an 80% Joint Venture interest in the non-gold mineral rights on E57/1134 by sole funding A$5M of non-gold exploration. During the initial six-month option period, RTX identified a sub-cropping weathered pegmatite unit that may be prospective for lithium and tantalum mineralisation, with an area prioritised for follow-up drill testing. RTX plans to conduct an initial drill program of 500-1,000m to investigate the interpreted pegmatite unit in Q2-2023, subject to land access consents and clearances."

3. Mt Dimer project gold & silver Divestment:
- Apparently the decision has been made to Divest, I suspect we will hear an update about this soon and what cash or entitlements we get in relation to this.

"No additional work was undertaken at Mt Dimer during the December 2022 quarter, and the Company has made a decision to divest the asset."

4. Yarbu project gold news:
- I am not sure we will get any news about Yarbu in the months ahead but apparently all options are on the table. Imo there could be a divestment or JV in the works.

"No further work was completed at Yarbu during the December 2022 quarter and EMC continues to assess all options available on the future of the project."

5. NSW projects (Midas, Perseus, Trident):
- Apparently the decision has been made to Divest, I suspect we will hear an update about this soon and what cash or entitlements we get in relation to this.

"No further exploration activity was completed across the Company’s NSW projects during the December 2022 quarter. The Company considers the asset non-core and will move to assess divestment options."

Going through all of the above, it looks like Mt Edon and Rover are the priorities. Mostly Mt Edon because Rover is dependent on Rios timeline and what they find in the next few months.

The company also said: "The Company continues to review future opportunities in Australia, Southeast Asia, Mongolia, and Africa." Imo there will be further news in relation to other projects, especially internationally. Perhaps management have had enough of Australian red and green tape and are looking to expand overseas to speed up activities. Anyway, the frustrating waiting game continues...