Ann: December 2022 Quarterly Activities Report, page-18

Good to see some discussion on FML.

Shandong could have taken over FML a long time ago. My view is they may do so in the future, but not until the price is well north of 50cps.

I think we can have confidence FML has it right this time around...Shandong has lost a lot of face with their intial $250M investment...they weren't going to lose face again, hence the cautiousness. I expect the gold bull market will be resuming in earnest by around April/May...just in time for commencement of production. I tend to think the return to production for FML has long been driven by Shandong's macroview of the gold price drivers, which will be heavily influenced by geopolitics hereon.

Laverton is where the blue-sky is....check out GSN's recent presentation on the Laverton Gold District...>25Moz Au, Ni-Cu-PGE mineralisation.