Ann: Company Update, page-83

“The resource estimate for Mt Freda was based on the drilling completed by Ausmex over the past two years and was planned and drilled using previous drilling locations and assay results from two former ASX listed public companies, QMC and DMR, that once owned these tenements.”

As I understand it, this resource estimate was compiled by JORC compliant professional geological experts outside of Ausmex and subsequently signed off by two «competent persons » under the latest JORC code. I also note that the resource announcement was approved by the original Board of Ausmex and therefore by two of the three current board members. The drilling by Ausmex to date was/is managed by the Cloncurry Project Manager and Director Aaron Day, now Interim Acting MD.

The ASX rulings for such a report are very stringent and must meet many criteria and requirements and cannot be “enhanced” to show a resource for anything other than what the JORC Code defines it.

I find it rather “strange” that NOW new data from QMC and DMR is all of a sudden made available to the new BOD and it is this data that will be utilised to further estimate the resource. Why is it now available? Why wasn’t it released initially? Where was it hidden away? Is this perhaps Bottles’ elephant in the room?

As a shareholder just trying to think this through I have to ask why this historical drilling data wasn’t initially made available to the resource estimate? Could it possibly have been that this is why there was such a delay in reporting the resource initially. Could it possibly be that the geological experts found it difficult to complete the resource with the information that was available.

So many questions that we shareholders would like answers to.