Ann: Drilling Underway at Sinclair Caesium Zone WA, page-27

Your doubts about "spread too thin" are valid. However they have done something about it. They have farmed a number of projects out. I won't say anything about them except for Acra. I don't believe that the others are of much interest. Acra, however, was the lead project up until the recent Lithium boom. PIO recently farmed the project out to Northern Star on terms which I believe were very favourable to PIO. They have a free carried interest to a mining lease stage. Northern Star have a substantial gold plant in the vicinity which seems to be short of feed. Northern Star are one of the most successful gold miners in the Kalgoorlie area. This will most likely be an operating mine within a very few years. It has got rid of one project on very favourable terms. As far as nickel is concerned, PIO have two very sound projects. Unfortunately, at present, nickel is the worst performer of all the main metals. PIO has very sensibly put the nickel projects on the back burner till there is an indication of better prices. They currently have an exciting caesium discovery for which they have already applied for a mining lease. They are currently drilling with a view to extending the discovery. It is early days yet, but the emphasis currently is on lithium and caesium.