Ann: AGM Presentation, page-5

Interesting feedback @MTJD, thank you.

There seems to be some conceptual support for that model but the first reports from the drill hole itself are a long way from the sort of results that the market wants to get excited over. it's a bit naïve of management to think otherwise.

The reference hole they cited at Tea Tree was 10.4m at 0.25% nickel and 0.28% copper. They seem to think ours is similar. If so, why would the market get excited about that? It's news worthy, it indicates a broader mineral system (possibly large) and being in mafic/ultramafic and into semi-massive sulfides is all good but it's "put that one on the list to keep an eye on" news worthy, not "we need to buy this yesterday" newsworthy.

Plus they're just not doing enough drilling to demand much attention either. There's no meaningful drilling until April now (Achilles, good potential there, please do better than 2 drill holes) with nothing planned for East Tennant in the next 6 months (which is very disappointing to me). I discount Ambergate which is a marginal stranded asset where our best bet is to sell it off to generate some more funds for exploration. On that basis it's ok to drill to expand the base and improve saleability but the market won't care about it.

Realistically nearology is going to be our best bet for the next 3-4 months.