Ann: Tennant Creek Drilling Delayed by Rain, page-98

Can't agree more.

This very slow progress and it is unfortunate that the mgmt doesn't realize it is sapping away the momentum and beginning to affect the market sentiment. It is more like negative momentum now.

This is what happened in 2022 - low momentum and negative sentiment.

HPA was discontinued and then mixed signals were being sent out to SHs on which resource will be KRRs next area of focus. There were announcements about all 3 resource types (Gold, HPA and Vanadium) in September 2022. See below:

• 1st Sep - Gold New high grade results form collected chip rocks
• 20th Sep - HPA Laboratory process development testwork remains ongoing identifying and refining new process

improvements to the ARC HPA process

• 23rd Sep - Vanadium Conceptual Development plan - proposing an open cut mine with exported concentrates being refined overseas.

Obviously the SHs were confused and they didn't react to any of the positive Gold results in 2022. The SP kept slipping down. It was all about the momentum and market sentiments.

Then KRR spent almost an year doing surveys and no drilling till the surveys were completed. All through this time, the SHs were very patient, loyal and supportive - really can't ask for more from them.

When KRR finally announced the Survey was over and they have identified up to 15,000 m of target to drill in 2023-24, it got everyone EXCITED, feeling positive and anticipating positive upturn in SP. There was momentum and positive sentiment.

THIS WAS THE TIME to drill Kurundi, because we know there is gold down there. It returned positive results in 2022. If KRR drilled Kurundi first and got any kind of hit the SP would have shot up. BUT they didn't. They chose to drill other, untested, new sites and sadly for us, the first set of drill results was a dud.

KRR has been telling us the importance of why a Geologist needs to be onsite during the drilling. One of the things the geologist does is to check the samples for visual clues - They can often tell if we have hit anything or nothing at all. And if they knew there weren't many visual indicators then they should have lined up the next site for drilling ASAP. I would like to know why didn't that happen.

Now 5-6 months after the 1st set of drilling commenced, we are still waiting for the 2nd set of drilling to start.

How do you think the SHs are feeling - Very confident, positive or are doubts beginning to creep into their heads. If they have few more duds and then one positive hit. Then with the current sentiment, I am not really sure if the SP will go up on that single hit or if the market will do what it did in 2022 (after the Kurundi results).

No matter how hard I try, I somehow just can't attribute the current state on the bush fires and the rains. On the contrary, I think it is the lack of foresight and initiative that has brought us to this stage. We are still being reactive rather than proactive.

IMHO, Every day that passes by with no exploration related news is just compounding the problem.

DYOR