Ann: Half Year Accounts, page-8

keep on rocking the broken records olddizzy. We are all basically playing the same broken old tune, but people cant stay asleep to this forever if we play em all loud its resurrection time

This is ridiculous. Approx mkt cap is 105 mill, cash is 80 mill giving us an EV of 25 mill.

We are priced like a pretty cheap explorer on the EV. But we have the following, and forgive the condescending tone.

1. Access to funds. 80 million bucks worth- this means we have options, it is highly highly unlikely we need to raise funds to keep the lights on like a lot of explorers. This means when we run traders wont pump and look for the exits. Nice steady rise ....

2. We have a process plant. A plant that is tested and functions. Not cash hungry plans for a plant we will build, not a plant that needs a major refurb and we are really not sure if actually works. An actual plant that is tried and tested. (probably tired- not sure about this, a good question for management perhaps.) Anyway our plant is operating without major issue..

3. We have great exploration potential+ mgmt look good to me based on recent deals, which while not successful on EXU, got the break fee- and have done well on Caldius. Astute....

4. EXPL upside, that last hole was a cracker.

5. massive upside with dig ready rear earths zirconium project.