Ann: General Meeting 6 October 2020 - Update, page-21

The reason I got this stock as a buy is due to the fact its has great assets and multiple resources, all in a sovereign country.......Besides, the company stands in the midst of a prevailing environment in the resource sector (that being the Iron ore and gold sector to start of with, followed by other minerals they have) to be able to capitalize and take advantage of its opportunities.

Lately, I found statements by A.R not adding up and needed to be addressed and yes, he is a good bloke to talk to....However, that does not cut the mustard when we go three steps forward and one step back.....He needs to start running this ship with a bit more urgency and sticking to time lines.

Look, I have been in the company for well over 16 months, I still believe it is a reasonable buy based on our assets.....What I do not like is the inconsistency of A.R.....Firstly, we all know timing is everything and we cannot be in any better position...Fuel costs down due to Covid by 20% to be exact, our dollar is down and Iron-Ore / gold prices are up.......After going through arguments that we have done sufficient works to maintain our lease under government requirements for the past 5 years or so, and having signed a road access agreement, a port agreement and trucking contract.....I would have thought that a wet screening plant would have been priority and high on the agenda in the first place and would have been in place during all this time.

We have also completed a very good C.R, supposedly to get into production....The sense of urgency is not there in my opinion and its the most critical thing you need at the moment....No one can predict whether I.O prices will go up; down or in between....Lets face it our government could not predict yesterday's weather and would also take 2 hours to watch 60 minutes....The point is now we will not be producing this side of Christmas in my opinion.

Firstly, funding is needed for the wet screen....This then needs to be purchased and if it's offshore it will go into quarantine for a couple of weeks....Then we need a pad to put it on, so plenty of work there say 10 days...We then need to stockpile at least 25,000 tonnes...order a ship which will most likely arrive around January due to Christmas break.....Hopefully, I.O prices hold up for us.

I feel at this stage A.R has a priority for W.A tenements, all good if we can soon start drilling those, also we are now chasing more leases it appears...Yet we cannot get our first one going into production despite everything being done.....It seems to me, anything that can be held up in Tasmania is an advantage to A.R......Maybe he is waiting for it to be taken over, who knows......but considering the company has come this far, I think it's ridicules that we are now waiting for a wet screen ore sorter....Also, plenty of talk the mesh size is not correct, well this is bad management not to have the correct product size screen in the first place.....So much for getting dry product for our first few shipments to pay for a wet screen.