Ann: Investor Presentation, page-21

if you go back and read the latest REE ann from 9/5/23 it is extremely encouraging. Despite us not having met work done the initial minerology report last year shed light on the possible positives that may be seen from an in depth met test.

The biggest issue right now is cash, not management.

The level of detailed data collection as stated in 9/5/23 ann is clear and being done to understand the land holding we have better. Yes its been slow but obviously it will reap rewards down the track. This has been a combined team effort under the guidence of the MD who is obviously methodical and passionate about the science behind the search. That goes for Ken also, who offers a lot of indications and understanding of the system we have in his sections of reports, which alot of people miss. Mgt have a plan and have my support.

Which brings us back to cash and con notes. It is suicide to raise and in no ones best interest at the current SP. But key questions arise:

Can our cash last until option conversion time? Can we get them converted?

There is a great chance our REE/critical minerals will (in the next 3 or so months) yield success in met work, deliniate excellent potential targets along strike and give us a value adding MRE. All of these will do wonders for share price but will they do enough for note and option holders?

I expect management to do everything possible to acheive note and option conversions.

If not do we sell LLI shares and combine with other moneys due from loans. Thats not gonna be enough? Do we raise when SP creeps up?

We have a big land holding, a lot of which we now own. On this is RED and on this is Mt. Sterling's JORC of 130 K oz (from top of head).
Some may not be aware but TMX sold their Great Western holding of 62k oz for 2.5 mil in 2019 so is this a possibility for us to entertain?

It doesnt sit well looking at past history and SP but we have a fantastic set up and it needs very careful planning of how to get finance with minimal dilution.

Last question is do you see value despite the risk? I back the team to unlock an economic shallow resource which will make these prices look dumb in a couple of years.

Good luck with whatever decisions you make.