Ann: Quarterly Activities Report and Appendix 5B, page-40

Market is pricing this in clearly. Fair few holders clearly annoyed with lack of execution and clearing out as well. 7m is outrageous but management haven’t really done anything in the last year to hang their hat on. They are aligned with share ownership. They lack ability to execute outside the Newcrest JV it’s been a slow burn. Not much more to say all in Newcrest hands with this 10,000m drill campaign. I suspect we will try and hold out best we can or look to bring / vend out some ownership at a premium. How idk given we continue to drop with market pricing in a CR or things unraveling behind the scenes. WD could t be sold fast enough taken 3 years and been a waste of time if it’s not sold asap. All the other small parts take away from the main game that is TH.

I don’t see Newcrest not drilling is a plus but they can easily walk if they find nothing. I’m saying this if they do find nothing after spending 6.8 + additional 3-4m on drillling then we were are stuff anyways so I’m not overly disappointed if that’s the end position. I’d be devastated if we don’t see them drill at all given I back the ground highly.

TH has some great targets as well but we need $$$ we are fully in Newcrests hands atm and will be silicates to death if we don’t pull a magical move somehow. I’m not sure what more we can do but wait and hope on Newcrest to start asap. Looking like early next year at this rate…..