Ann: Noosa Mining Investor Conference 2023 Presentation, page-8

I doubt selling Maronan for anything other than working capital has crossed Ken Rutherfords mind. Maronan is his baby and he has held it for 20yrs. He' also a director.

There appears to be slow accumulation happening around 20c in MMA with the accumulating entity capping the price in the 22-22.5c area. I suspect that Tony Locantro's clients are the sellers as Maronan is still trading above its ipo price and they have the free options whereas all of his other recommendations are down significantly. Some may be exiting to buy more RDM but Locantro 's been recommending RDM to his clients for at least 10yrs. He just gave RDM a big recommendation on Money Matters last week as one of his 3 top recommendations, stipulating their exploration projects but emphasising the 50% Maronan holding.

If the breakout in silver occurs over December which as a matter of fact has seen an average 7% increase since 2017, then undervalued silver stocks like Maronan will take off. Maronan is the most undervalued silver stock on the ASX for the resources it holds. Double the silver of IVR but half its market cap.

When silver is unloved, the tightly held low script stocks suffer the most but when sentament changes in the sector, these stocks will outperform compared to their peers. Ken, sitting on the Maronan board would be fully conversent with this.

I expect Maronan to raise cash in Q1 2024 and hope that the price will be North of 30c when it is announced. $5M should be enough to get them through to October 2024 option conversion which if the share price is trading over 30c raises another $15M for Maronan.