AAM/MMZ - Why bother?, page-120

Riteogents, my take on the 2025 Exploration Program announcement.
As per always, this is just my uninformed opinion and I'm happy to be corrected.

- “Overthe past two years, we have quietly worked up the Bunker Hill Project”

I disagree with this. The first time I saw this team doing work on BHwas in the following announcement: 24Sep 2024 - AuMEGA Reports 17% & 12% Copper Outcropping from Bunker Hill

Looks to me like they liked some previously reported results and just re-sampled the area.
Then we jump straight into a huge drill campaign 5 months later.

Compare this to the 2.5 - 3 years of work doneon Malachite because “metres drilled isn’t a KPI”.

- “Weexpect the drill programs to commence in early February”

“The Company is currently mobilising equipment along an existing30-kilometre logging road and a new 15-kilometre long winter access trail to acentral fly camp location.”

“Mobilisation of the RC drill rig is expected to be completed duringthe last week of January with drilling to commence shortly thereafter.”

“All work will be completed with limited to no helicopter dependencywhich mitigates downtime”

Good to see drilling kick-off is imminent.

- “TheCompany plans to drill approximately 1,500 RC holes for an estimated meterageof approximately 7,500 metres”

7500m ÷ 1500 holes = 5 metres per hole…

I wonder if this is even correct, because that seems pretty short.

Maybe 7500m ÷ 150 holes = 50 metres is what they mean?

- “Weare allocating meaningful capital to make new discoveries and add goldounces at the Cape Ray Gold Project”

Well, not exactly the huge pivot back I was expecting, but it’s definitelyhappening slowly.

- “TheCompany is also expecting to deploy an inaugural diamond drill program atHermitage to conduct up to 3,000 metres of drilling scheduled for the secondhalf of 2025.”

After the heart break called Malachite, I’m no longer excited byHermitage and these small strategic drill programs tbh.

- Nicetable:

- Malachitewasn’t mentioned once in this announcement.

What happened to that brilliant prospect?

- “TheAuMEGA team is switched on and laser focused”

Best of luck punters!