Fellow shareholders, as a number have already posted,...

Fellow shareholders, as a number have already posted, theseresults are very positive. The quality and number of the priority 1 targets isreally quite extraordinary and, as Kalenn has commented, is testimony not onlyto us having early mover status which has allowed us to pick up what I think issome of the best ground in the East Tennant province but, critically, the “cuttingedge” project generation capabilities (through the intellectual capacity of oneof the smartest young geo’s I have ever had the pleasure of working andpartnering with) backed up with a logical and sound exploration strategy.

Clearly, we have been blessed with, and seriouslybenefited from, all the ground breaking regional geophysical and drilling workconducted by GA/NTGS- but that does not distract from the fact that, aside fromNewcrest which pegged its’ first ground in the area barely a week ahead of us(at Frewena Fable), we were way ahead of the “pack” in recognising the potentialof the region. The follow up exploration conducted by Inca has been best practiceand has logically progressed the initial prospectivity of the Frewena projectsto the point where we now have multiple stand out targets. We areseriously blessed with having so many priority 1 targets (not to mentiona large number of priority 2 & 3 targets which might also have considerablepotential but require further on ground exploration to determine whether thesecould be upgraded).

I am seriously excited about the potential of our groundand what it might hold, remembering of course that we also have what I thinkare stand out projects in other parts of Australia and at Riqueza wheredrilling is well and truly underway. As the ASX release notes, the next step atthe Frewenas will be to fly AMAGRAD surveys over the Frewena East and FrewenaFrontier areas which are yet to be subjected to the same methodical work doneat Frewena Far East and Frewena Fable, so I have every expectation that work islikely to generate further stand out geophysical targets, just as it has donefor Far East and Fable. In addition, ground gravity work will be shortly undertakenon a number of the priority 1 targets reported in today's’ ASX release. Thiswill be done quickly and will help better target drilling which is scheduledfor later this year.

Shareholders sometimes get impatient and frustrated withwhat they think is slow news flow from exploration companies. However, I cantell you, categorically, that the pace at which exploration is happeninghere is little short of breathtaking. To put everything in context, I would remindyou all that Rob and I only pegged Frewena Fable in mid 2018 (NOT even 3 yearsago) and the company did not get to apply for the Frewena Far East and FrewenaEast ground until October 2019 (due to the moratorium in place whilst GA/NTGScompleted the regional survey work).

So, everything that is now being reported, and which issuggestive of some potential Tier 1 targets, has all been progressed by thecompany in the space of a little over 18 months. Not bad going, if I say so myself.I also think that you can expect the company to apply the same level of urgency,combined with best practice exploration techniques, going forward. The nextyear is going to be extremely exciting for me, both as an explorationist and asa shareholder!!