Ann: Change in substantial holding from MIN, page-16

1. Credit Suisse now valuing MinRes gas assets at $10 per share assuming fill control of NWE. they have upgraded WA domgas prices by 15% year on year. MinRes now has 40% of NWE ahead of a March 23 step-out drill campaign, which are typically heavily derisked. I will not be selling, and I'm staggered that shareholder are selling into this clear near option value. An upside find will put this stock through 10c. do the maths on the % gain then. 2. MinRes script offer is predicated on record lithium prices, any slow down in the PRC & green leaning western world progress could impact the current lofty script that NWE shareholder are asking to exchange into. I'm here for hydrocarbons in a fossil energy short market until at least 2025, not for lithium. I can get that exposure myself thanks Chris.