Ann: Ni-Cu-PGE Exploration at Julimar Nth, page-21

Yep, too much ground, too little expenditure.

The only decent prospect they have, Cheela, has the quadrella of grade, width, close to the surface, and untested strike, and they act like they dont want it.

Do they know how close they have come to losing this ground? They keep on submitting form 5 reports showing they are working and complying with expenditure requirements, and yet have not drilled a single hole. Do they really want the ground? They should for the sake of shareholders...they, TMB, paid good money in shares to Brooks / Baracus. There's just over 6 month to go and their 5 year term is up. If they don't complete some drilling, extension of term will not be automatic. In my opinion any application to extend should be refused if they dont work the ground.

While they are chasing new scrub birds they could be killing the bird in hand. Every new application for new ground is robbing money from existing leases. It's a greedy grab mentality, akin to a mental illness.

Brooks / Baracus / TMB have now held the Cheela ground for 4 and a half years, without completing any meaningful on ground work. It doesn't help when they haven't completed negotiations for ground disturbing work. But whose fault is that? Native title parties, or TMB management?

The Achilles prospect is in a similar situation coming up to the end of it's 5 year term, (but in my opinion this is not worth the cost of a plaint).

So how has TMB held ground for 4 and a 1/2 years without doing meaningful work? The TMB float geotechnical advisers couldn't find any meaningful TMB data to include in the prospectus. The euphemism they used was that TMB were using a "multi disciplinary" approach (present tense), which apparently requires very little exediture on the ground or gathering of new data. (The new technical advisor, potgut, should certainly help with this in the future, because TMB wont have any money left to even walk the ground.).

The short story is too much ground, too little funds, too little work, too little management experience to actually complete the required work. This approach you can get away with as a private company like Baracus, but not with a public company.

TMB's new year's resolution KEY WORDS: Divest...Surrender...Dispose...Eliminate...Colonic Irrigation...Dump...Unload...Ditch.

All in my opinion only...not investment advice