Ann: Exceptional Widths of High Grade Lithium at Bougouni-BGS.AX, page-200

@KYIAP Most of the market is like me, ignorant. This was my ignorant / non-mining or geo take on the results:


1 - The north most result is thinner and seems to imply the mineralisation terminates soon after that hole, however the "OPEN" sign remains on the diagram, I would have liked some comment from Kevin on why. I feel it would have made a difference today.

2 - The central zone is where I was looking for high grades (using the cross section sampling done by CSA global as a guide) and they are high but not as high as expected, about 22% lower than my expectation. However these results still put us into the top 2 large tonnage (10mt+) spodumene resources globally by grade. I have personally gotten over my grade tears, but I think some may not have.

3 - The thickness is WELL above expectation, about 42% higher than my expectation. See blast tonnage expectation above.

4 - The placement of the 3 additional diamond holes on diagram was confusing, but after thinking about blastfurnace comment further it makes sense. The RC drill can cause contaminants in the lab testing for iron levels. I suppose the reason for these holes is for fresh diamond core only samples rather than using a collared RC hole. (Note I'm using facts gathered here and in co announcements - no experience in this field). HOWEVER I did initially interpret these additional holes negatively. I.E the 700m program could not be completed with the first 5 holes and is being extended. On reflection this would have been announced to market as it is significant.

5 - I spent a long time staring at holes 13 and 14 on the diagram bit sad about the broken intercept at depth, but then on looking at the table on next page realised it was mislabelled.

On subject of placement shares, manipulation, merchant dumping. Placement was done at 0.24. I participated as I'm sure a few others here did. There was a very short timeframe to decide to participate and I can guarantee that some participants may have been in it for a quick non-researched buck. However - I was told the exercise was initiated by investors with large holdings in other Li stocks who are long on this sector and not in it for a quick buck. Lets also remember the last set of results had commsec (retail) as the dumper as shown in the broker data.