Ann: AR3 Corporate Presentation, page-4

Cash burn in Q3 2023 was approx $2m on minimal exploration activity.

$11m pump and dump CR (at 45c) in April, left many sophs less than happy, was depleted by another $2m in Q4 2023 5B, leaving cash $15m at 30th June, 2023. This became my entry point.

Q1 2024 5B due by end October, will most likely burn $3m+ and deplete residual cash to less than 4 quarters before next cap in hand becomes an imperative, particularly if scaling up drilling/resource activities.

I have no inside into the company, but have found there is rarely enough cash held by any explorer to meet ongoing exploration activities and G&A expenses incl. listing, accounts, audit fees. Thus a CR at any time, but particularly when a business is not on its knees, is nearly always a good idea.

I concede my sense of need could quite easily be wrong here, but the market seems to be unimpressed.

Experience has taught me most juniors conduct a CR after presenting a positive outlook. Do not get me wrong here, I remain confident in the potential business case in front of AR3. However, I am somewhat a realist that negative cash flows always need replenishing.

All will be revealed in due course, to eliminate or confirm my hunch.