A New Direction, page-2

I agree, great to see appointment of new CEO, time will tell if he can make any difference though. Basically they have replaced a part time CEO with another part time CEO so hopefully i am proven wrong, but i am expecting much the same. One advantage of the new appointment is that at least he looks to be experienced in running companies and is located in Australia. A quick look at linkedin of the demoted CEO indicates he is also MD of a London listed Co. Since Dec 21, each of that companies announcements has him as a contact with a +44 phone number suggesting that he lives in London and has done so all year. If this is true, it means that Flynn was run part time from 15,000kms away ! blows my mind but explains to some degree why FG1 has seemed rudderless and explains in part at least how the companies inefficiency has brought it to where its at currently. Clearly if this is the case, FG1 wouldnt have wanted their investors knowing about it for obvious reasons...

I am unsure why an MD would provide a local phone number to investors and be living in a different country rendering him uncontactable and imo an MD of London listed entity should be living in London to full fill their role effectively but IF ? this guy is living in London and was demoted as CEO of FG1 to concentrate more on geology in TAS and WA, effectively an exploration manager role - how is he going to do that from 15,000kms away ? are they going to fly him to Australia every time he wants to have a look at some drill core, or if he wants to progress some other prospects like, heaven forbid, commence some mapping on of the nearly 20 tenements FG1 has that havent yet had a boot on the ground ? how is that going to work ? i suggest it will likely work very similar to his previous role ie - not at all effectively. great for him though, still gets paid regardless. IF this is the case, this in my mind at least is further evidence of lifestyle co status possibility. of course i could be wrong and he has provided his contact details for his London based investors but still lives and works out of Melbourne and is conducting site visits in both Tas and WA constantly to keep the FG1 programs progressing to the most efficient and well managed way possible ???

Really good 1st pass results continue at Golden Ridge and great the company has employed another drill to hit it harder. Personally, due to them having so much trouble efficiently drilling diamond with any decent m rate, I would utilize their RC drill to precollar DD tails at Trafalgar and quickly assess strike and depth extent. Not only would this be heaps faster, it would be significantly cheaper also. 4 fertile Au structures in the one hole deserves immediate follow up though with two DD and one RC now all at Golden Ridge all turning, it is certainly a ramp up on progress compared with any time previously.

Portland drilling still of some concern. They have been trying to drill 1000m diamond for 5 months now with no updates. my guess is they have completed drilling (how could they not have after 5 months !) but didnt find anything so are in radio silence mode on it waiting for better results from elsewhere to hide the results in or it will just appear as an update paragraph in the next quarterly ? if so, not a great market trust builder but this company has form with this.

Arguably, their biggest impact program currently underway is in the Pilbara. Although they took over 12months to start any field work, at least they managed to commence a basic soils / mapping program eventually. Total area they are assessing is small at 72.6 sq kms and at 400 x 400 with minor closer spaced stations, this would be a maximum of about 500 samples. This program has been going now for 2 1/2 to 3 months so if their field crew has managed to collect only 6 or so samples a day - or 1 every 2 hours on average, they should be finished that program if not already then very soon. I have personally not worked in the Pilbara so dont know the terrain but conducting similar scale soils surveys in the tropics where we had to cut our own path through very thick vegetation, we would still take + 20 samples each day. If their ground is relatively open and they have not finished, there is another management issue. For non geos, all they are doing is setting a gps and walking 400m to take a soil sample, then walking 400m and taking another soil sample. may have changed, or FG1 may do things differently (part time contractors ?) but all geos and field crews i have ever been involve with work on 12hrs a day 7 days a week on rotating overlapping rosters. This means that around 500 samples should take about a month or so to complete. if history is any guide though FG1 will likely take a lot longer and not inform the market straight away anyway but hopefully not ?? I have no idea why FG1 programs are typically taking 2 or 3 or 4 times longer than what i have experienced while running exploration programs ?? it does seem to be a pretty consistent pattern with them though ?

Hopefully even in a part time role, the new CEO has an industry understanding on how long field programs -soils, drilling ect actually take when conducted properly / managed efficiency and even if he is part time, he can get drillers, geos and field crews to perform at a much higher efficiency than what they have managed to date.

all in all, they seem to be slowly slowly ramping up their programs which is great and there "should" ?? be a lot of news announced in the near term. Pilbara mapping, Portland drilling, West Coast TAs base metal presentation and field work (if they feel like it) and 3 to 4 weeks for Golden Ridge results ?? and now 2DD + 1RC at GR and 1DD at Portland all turning... technically as you say, the SP has come off the lows and although still very low volumes, this could be a reflection of that.