Ann: Continued Delivery of High Grade Antimony at Ricciardo, page-37

Hey Joel,

Not to distract from what's happening today, but I did a dive into Au Xingao back in July.

With your substantial holdings, and others, thought you might be interested in a refresher. Might help shed a little perspective.

Xingao have been on board since before April 2020 when Wa8 was Anova Metals. They cornerstoned the Anova recap in April 2020, backed that up in August '20 with the follow-on placement and have participated in every placement since maintaining their position as T1, including the $6M placement last year at 7 cents and this year's at 3.8 cents. I just get the feeling Xingao aren't sellers.

When Dr Mingyan Wang (AU Xingao) stepped down from his role as CEO on 2022 after the financial restructuring of Anova was completed, AU Xingao supported Amanda's appointment as Exec Director of Anova and subsequent appointment as CEO - and appointment of Mark Connely as Chairman (and 1:10 consolidation) - of the renamed Warriedar.

At a guess, their actions thus far show they are patient and committed to a successful long-term investment. Guess we'll find out in due course when Amanda achieves her ambitions for Warriedar and the market recognizes that success.

Anonymous82 speculated on what the mid/long-term goal of Xingao might be.

I answered: Yeah, it's interesting, Anonymous. I think Bullseye was a different game - a private company majority held by Emerald/common Directors with AU Xingao and HK Xinhe as minorities.

I'm not across the intricacies of the stoush, but looks like they were trying to get themselves set in the face of Emerald mopping up the shares in Bullseye they didn't own. The Court Oppression Proceedings brought against Emerald/Bullseye by AU Xingao and HK Xinhe dragged on for 3 years and were only resolved in late '23 with both Chinese parties accepting Emerald's offer for their Bullseye shares.

Move to 100% ownership of Bullseye by Emerald finally occurred in June this year.

Xinhe and Xingao were certainly persistent in achieving their goals. HK Xinhe now holds some 11M/2% of Emerald @ $4/share. AU XinGao isn't in the Emerald T20.

No doubt AU Xingao are in a much stronger position with their position in WA8, though at 19.8% they're very close to threshold of having to declare their intentions with any further increase in holding. One can only hope their intentions are good and want to see Warriedar succeed.

Amanda is certainly determined to achieve success. All we can really do is go along for the ride and keep our eyes and ears open. Assuming more good near-term drill results, the SP should continue on its merry way with any potential corporate moves at a premium, though what that might be depends on a lot of things we're not privy to.

NB According to the recent '24 AR, Xingao now have 'only 17.96%. They appear to be well-funded but there's still a long way to go before any offer, hostile or friendly, could succeed.

Would be interesting to know where Argonaut's shares have gone, and who the buyer/seller(s) are of today's 67M XT....