AKO General Discussion, page-228

Yeah, not expecting a lot of new information in the quarterly, unless the assay results are released in the next week.

My understanding is that results are sent, processed and released in batches (I think this was mentioned in a previous announcements), but would be published as a single announcement to the market.

Previous drilling has already reported grades from the area in which the company were drilling, so if you have a look at reports published from the end of 2021 and mid 2022 you will get a feel for what to expect.

The headline figures were very impressive, and the spacing was significantly wider than this infill campaign.

I would expect Paul and the company have strategically targeted areas where they expect the highest grades to found for the best DSO suitable ore.

This DSO product will be up to 35mm (3.5cm) lump products, and 2mm fines that are produced as a result of processing the lump material.

The thing to be mindful of is whilst other holes may have had a lower "headline grade", the final grades are still excellent and above benchmark 62% when processed to a 2mm or finer crush.

Producing this "2mm crush" material is not the primary objective of this phase of the operation as it would require more of everything - equipment, energy, people and ultimately money.

It appears the "lower headline grade" ore is easily processed and the grades increase to more than 67%, which is suitable for "green steel", when ground to a 75 micron size and processed with Davis Tube recovery.

More exhaustive testing will be required over time, but this result appears consistent along the resource from the initial results.

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With relation to the raise, I'm hopeful us holders get a chance to participate, as the last raise was to "sophisticated investors" only.

It would be great if we could raise through some institutional investors, sophisticated investors and potential off take partners for immediate funding requirements, and then tap current holders with some sort of rights issue with an option (or whatever) at a higher price (say $0.75c with a 2 year expiry?) for existing holders. Only Paul knows what he is planning.

I am not sitting on a pile of cash at the moment, so the ability to contribute over time would be appreciated.

I will invest whatever cash I have however.

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I'm also keen to see what the top 20 have done in the last quarter.

I've added about 40% more shares my total holding when I factor in my new on market purchases and my SMSF investment.

My CFDs are counted against the shares on issue, but I get exposure to positive and negative fluctuations, and I'm paying holding costs, so I'm mindful of that liability.

I would dare say there has been some negative movement for some holders given the heavy sell6 into new lows, but the volumes relative to the total shares on issue are relatively small.

The volumes are not equivalent to total shares on issue for the entire quarter, so that indicates it's pretty tightly held and few games are being played at this stage.

I trust Paul and the board will work with the interests of holders in mind, but they also need to achieve their strategic objectives.

Thankfully there's somewhat of a commodities boom underway, and the doubling of the iron ore price in the last 4 months or so that is definitely in our favour if prices stabilise or continue to rise.