Ann: Financial Report for the half year ended 31 December 2023, page-13

Saying the DFS is delayed is a lie unless you have inside information you would like to share.. ?

I agree the company has failed to deliver in relation to exploration and additional drilling. However as you pointed out they are in cash conservation mode until the DFS is complete and property purchases finalised. Obviously then the priorities shift towards mining grant and any work that needs to be completed in regards to that. That will likely have working capital from the upcoming raise to purchase the properties. Hopefully a non dilutive raise or loan is the likely decision.

At the end of the day, the asset is definitely progressing, even if it appears slow. We all know the market cap of AUC does not match a 3-4moz gold deposit and the record gold prices at the moment. If you are happy to hold long then you will be rewarded very nicely Imo. Even if worst case scenario is a takeover, it will take place with a market cap many multiples of what we are now. The open market dictates and decides this and there are many mid to large cap mining companies who would love to take a gold mine to production at current prices. With more competition, means higher bids. There are not many ready to go 3moz plus gold deposits left in Australia right now.