Ann: Cobalt at West Musgrave Project, page-8

I did not have any discussions about MetalsX with the directors and sharing infrastructure. The main aspects were about how well the project is coming along and how well the interest from OZL is. Andrew Cole (OZL CEO) is extremely interested in everything we are up to about Nebo-Babel and the rest of the area.

OZL really are looking at us as their next big project after Carrapteena, and this is highlighted in their quarterly report.

One criticism I have heard and relayed to Richard was about our Cobalt not being well known about, so IMO it was great to see this today and hopefully this stays at a prominent place on the website. $1.5b in cobalt is not to be sneezed at.

We are in a quiet period with the work on the new scoping study happening behind the scenes and drilling sites being worked on for April and further into the drilling season. Results are likely to start coming in May and onwards, and I would not expect the share price to move much between now and then.

What will move the SP is further discovery and OZL committing to the next stage of funding, plus the price of copper continuing to move up. I believe these events will both happen by October, and my belief is a long slow rise in the SP and no real spikes unless we hit the jackpot, especially on ground held exclusively by Cassini.

Hitting paydirt on joint venture ground will see a continued slow rise IMO.

I really do not see any downside here, and everything below 10c and probably even 20c will prove to be a bargain in the long term scheme of things. At some point in the near future, Electric road trains will be the norm, with large solar farms providing swap over facilities for trucking companies batteries, or something similar. The saving on diesel is already too great for it not to happen, so my expectations are that we will be using them by the time our mine is up and running.

I also think Alan Cole of OZL is also well aware of this, looking at all self sufficiency models for Carrapateena, and following on to us.
Should metal prices continue to rise with the EV revolution heading straight for us, then our mine is possibly going to develop in concert with Carrapateena, and yes they will want our minerals ASAP in such a situation.