Ann: Application for quotation of securities - MRD, page-15

I think the market wants to see more from the likes of MRD, MEK and OD6 from a mineralisation/metallurgy point of view.

The companies are all doing a good job selling it from an assay and potential size of resource. MRD can boast 25kms x 3kms in potential resource, so no issues as far as that goes imo.

But no company yet has shown their hand re the mineralisation type and economics of the project. This is to be expected as it is early drilling days, but eventually it will need to be revealed.

In fairness to the shareholder, the MRD project was modelled from IXR’s ionic clay deposit and sold to the market that way. After watching that recent video/interview, a few doubts were raised as to whether that may now be the case. More than likely, it may be another form of clay e.g saprolite that may still be very profitable. But time will tell.

SP should be getting hammered, but feel that is why the market is not coming at this yet. Small buy volume and 42m oppies up for grabs at 0.002 indicates to me something is holding it back. 4 months without results possibly doesn’t help the cause and is really something that now needs to be looked at if the company is to progress. Far too long.

Expect pleasing assay results to follow and a small rise if that, but until the economics and metallurgy information is revealed then SP will more than likely stay put for a while. Resource size will count for little if the economics don’t stack up.

Am a long term holder and will be converting my options regardless as the location has too much potential. Risk for reward is there for mine.

But also need to call it as it is.

DYOR