Ann: Appendix 5B Quarterly Cash Report - September 2023, page-21

well, the CR part is pretty clearly flagged in the quarterly. Trying to get a material result before going into it also sounds sensible.

It is, however, first pass drilling at Alpaca Hill. And it is a deep one too. My Head says don’t expect much. Heart prays for enough to limit dilution.

Heritage stuff ups or not, JE has rivers of bad blood flooding from over the boundary. Hint of success will make it messier and ICG may find it too hard to progress anything meaningfully there. Frewenas atleast have JW involved in its ownership.

Sentiment: Grim