Ann: August 2022 Koolan Plant Fire BI Claim Finalised, page-31

We are already the biggest shareholder in FEX st 8.6%. The options would take us to 12% with a position on the BoD.
FEX is also located in the same area in the mid west that we are currently exploring. The relationship is perfect for any synergies that may occur.

The difference in personal style between John Wellborn and Peter Kerr is like chalk and cheese. Peter speaks quite monotone and not one to express excitement but to just clearly state the numbers in a rather dry manner as the accountant that he is.

On the other hand, John was just about wetting his pants with excitement when he announced the purchase of Shine. At Noosa, John spoke with much exuberance. The first thing John spoke of was football. John even made Shine sound exciting, only mentioning 60% grade (a couple of isolated pockets of 60% amongst the 59%) and zero mention of silica at near 10%.

Even now due to high silica in Acacia, Peter is not only delaying mining for a better IO price but also to blend with high grade to maximize profit.

Having someone like Peter may not be best for promoting the company to football fans.
However, Peter is very good for critically examining the numbers so that we make the right choices for the future.

We only have 6 weeks to run in the current quarter, which should see the work on the new haul ramp completed, at which stage we can get back to 1 million tonnes per quarter of high grade.

I am sure Peter's mine plan is making the best use of time and money over the duration of the project. The downturn in the current quarter will be more than made up for going forward.

In the past, previous CEO, Jim Beyer, to appease shareholders, stated a stradegy of having a mine plan that had less ups and downs from quarter to quarter . . . (but at the expense of being less cost efficient over the longer term).

Peter stated at Noosa that he intends to improve the value of what the market has placed on Koolan.

Peter also stated that an aquisition could happen as soon as next year