Ann: Tennant Creek Drilling Delayed by Rain, page-10

Agreed, the TVN transaction was finalised 11th April 2023 with the first $2.5M paid. We had over $6M in the kitty at the time. Plus another $2.5 paid late July. There were no excuses to not have organised a drilling program shortly after. Drilling in TC should of commenced by August maximum. We had been sitting on those TC tenures for years now, they should have had some targets lined up even prior to the latest geophysics.

I can understand the bushfires in late 2023 affecting the first attempt at drilling and now the cyclones and wet weather in recent weeks affecting the current attempt at drilling. I can understand this is a bit of bad luck, but it all could have been avoided if management were not so damn slow and got stuck into drilling as soon as the TVN transaction was done. Cash was not an excuse! We had a ton of it. Instead it was geophysics delays and delays with drilling contractors. If you want the job done well, you have to pay for the good companies who do not delay you! If they delay you, seek compensation because look how much the business has now suffered! We are 6-12 months late for where we should be right now. We should have had 14,000m already drilled and a constant fortnightly release of lab results at our fingertips.

Now we have at least a 2-3 week wait ahead of us until mid-April before next newsflow. It has become a joke. I just hope management do not have to pay any money to the drilling contractors for the delays and any contracts had wet weather clauses in them. Otherwise that really would be rubbing salt into the investors wounds.