Ann: Management Q&A Session, page-129

https://youtu.be/Nzs2nwNEZ70?si=3PqGYTIDD-mkoMR5

Iain Smith is in an invidious position that I have been in myself in a previous life, as MD of an ASX listed junior oil and gas company.

If you don't communicate with the shareholders by seminar or ASX release, then you can be accused of holding back information and 'keeping shareholders in the dark' and this generates conspiracy theories and frustration among some shareholders. Understandable.

If you do communicate with shareholders as per regular seminars, and there is no news to release due to the constraints of the confidentiality clauses of the Farmin option Agreement under which Woodside must approve ALL releases of information to shareholders and the ASX, then you can be accused of wasting shareholders time and leading to more shareholder frustration.

A fine line for Iain Smith to tread.

I have been a shareholder in ASX resource companies that tell nothing as per the first option.

As a PCL shareholder, I definitely prefer to the second option so know that the CEO/MD has a pulse and is prepared to talk to the shareholders, even if only to reiterate what has already been released to the market before.

As several posters have opined, patience is required. The project is alive and I am a shareholder that concurs that patience is required.

And let us be grateful that we are involved in a commodity - the dreaded fossil fuels- that the world still requires and wants and that investors are slowly waking up to. We can see that ESG and virtual signalling are starting to wither on the vine in fossil fuel companies as balance sheet reality rears its head among Boards and Investors!

Our fellow shareholders in lithium, rare earths and nickel ASX companies are not so fortunate at present, currently being out of favour!

I like to think that 'all good things come to those who wait' and the desired drilling outcome in PEL 87 in 1Q/2Q 2025 would certainly justify that saying.

Risk in everything of course.