Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

The bank balance is inflated with unspent BHP funds received and there would appear to be restricted cash of the $3.31m BHP funds less the $1.42m spent on BHP ground during the quarter. That means available cash is $25.19m which is the reported figure less the delta between the two amounts above. Sorry gents but I don't see the hype around the company that others do. Its been 4 years of declining growth, value and cash under the helm of Mr Baker albeit with plenty of talk about the prospectivity of the projects. Rana I am afraid is looking like a dud and when you conduct 4,800m of drilling in 2023 and scale this back to 700m the following year it does not paint a positive picture. I don't understand the rationale for buying into these projects which another company has offloaded. Miners tend to know economically when the time is right to divest of assets and pass it on to some naive junior who thinks they can see what others can't. Normandy Mining in Australia did this time and time again offloading projects at the end of their life to naive juniors and Endeavour Mining are masters at turning over their projects to others when full value has been extracted. The BHP projects are good for preserving the cash balance but are a long, long way off doing anything for shareholders. Its very early days for these and they have not even got to permitting stage yet for drilling. Penikat to me is the jewel in the crown and is already proven orebody with historical drilling done. Its a walk up success waiting to happen. Why after more than 3 years it has not got drilling approval suggests a real underestimation of how to do business in Finland. When it comes to new assets all Mr Baker does is talk, promote and spruik about this and yet there is nothing to show here other than plenty of talk. The line in the quarterly report on new business is a nothing statement unable to be verified and should be removed. Everything above it is factual except for that line.