Hi All,First of all I am a big fan of this project but by no...

Hi All,

First of all I am a big fan of this project but by no means a mining expert. Similar to many of you I imagine, I am a loooooong way down on my (small) investment at circa 40c. I'm currently deciding whether to take up my (small) entitlement allocation but would like to bounce a voice a couple of concerns to see if anyone here can dissuade them/ provide some insight.

1. Yes we've been getting a lot of good work done but also chewing through cash. I know they've said exploration is now largely discretionary and cash burn should slow down but assuming we raise the full A$4.5M AND exploration expenses halve from this quarter (700k to 350k), we are still burning ~$750k a quarter ($320k on staff and admin, $350k on exploration (scoping study, tenement expenses etc). So this time next year we will have burned ~A$3M which should leave us with ~A$2M (0.5M cash at bank + A$4.5 from raise - A$3 cash burn= A$2M). This time next year we also have a USD$3M (A$4.5) payment due to MMV for the mineral rights meaning we will need another big raise... (1). Will the scoping study due in Q3 provide enough to give the share price enough of a bump when there will likely be an impending raise to finance this payment as well as continuing work/progression to PFS/DFS? What is likely to be the time to FID from the scoping study - do we have to go through years of PFS and DFS given the infrastructure already on site?

I don't think we need to go for a massive mine. As referred to by Chooch If there is the grade in the tailings lets just get some small cash flow related to a small initial processing of the tailings which can then be used support ongoing study costs for larger mine development...

Personally like the project but dont want to continue getting diluted and diluted down to 1c if this project is going to take years to develop.

Interested in everyone else thoughts and concerns.

Cheers.

(1.) A Reversionary Interest in the Mineral Rights is held by MMV over certain of the Relevant
Patented Claims. The reversion is set to occur on 18 February 2025, unless an extension option
is exercised by the Company and an extension payment in the order of US$3 million adjusted for
CPI is remitted to MMV (Extension Option).
On exercise of the Extension Option, the Company’s interest in the mineral rights related to the
Relevant Patented Claims will be extended to 18 February 2040. Should the Company be unable
to raise sufficient funds to make the Extension Payment or renegotiate the terms of the
reversionary interest, the mineral rights relating to the Relevant Patented Claims will revert to
MMV