Ann: Corporate Presentation Update, page-76

Thanks for the info infora. Typos, the bane of keyboard warriors and professionals alike.

Spent some time reading up on a lot of back issues of announcements and presentations. It seems that this management team does not intend to die wondering. Lots of changing dance partners and music tracks and they don't mind going back to the shareholders for another round of drinks, and then another. I'm guessing some of the long termers are feeling quite diluted and would like to see some tangible results by now. And, a bit more argey bargey on some of the threads than what I picked up on last night (but still, lots of solid respectful stuff as well).

One suggestion for the management team is every time someone goes onsite and kicks a rock, either at the mine site or the processing site, they take a photo and the company puts the photo in the next ASX announcement they make (modern technology also allows for short videos to be recorded and posted).

Something I have not been able to hunt down is the part ownership of the asset at Karibib. I see how they acquired the asset through the take over of Desert Lion in 2019. But the definitive feasibility study does not seem to have allocated either costs or revenue to the party that holds 20% of that asset. Does that mean that the silent party is being carried? In the presentations and announcements subsequent to the DFS right up to the June 2021 quarterly, released on 28 July 2021, it is explicit that the company only holds 80% of the Karibib project. Going on the DFS and back-of-the-envelope, the cap costs for Phase 1 was US$139m (+/- 15%), the cap costs were split 30%/70% between the mine and the processing mill and the silent partner has 20% of the mine project so they should be up for about US$8m in cap costs. Who is the silent partner at Karibib and yes what is the arrangement, are they being carried?

Cheers