Ann: NSW Exploration Update, page-10

I don't really want to offend holders (I'm no longer holding) or down-ramp the stock; I made enough negative posts on the TLM whilst I was still holding to last a lifetime. Suffice to say I don't think much of this team, based purely on track record.

One of my main concerns regarding the team is that despite over a decade of intense exploration and throwing in the ballpark of $50+ million at drilling, the TLM team have never made any discovery of note. This is important to note - this team of geos are not the best at sniffing out the best drill targets/locations.

Regarding Lucknow specifically:

• TLM have announced 2,000m of diamond drilling but there has been no historical drilling at all (which is better than others having tried & failed) but I also think the lack of historical cores has left them unsure where to sink these DDs. They appear to be aiming around historical shafts, which leads me to my next point:
• The very high historical grades quoted from Lucknow came from those old shafts but this was old school mining by hand. Very high grades are often thrown up by a few nice veins or even nuggets but these are often misleading when it comes to sinking a DD core for full analysis. Cores often come back with super disappointing grades and/or intercepts despite the existence of some high grade chunks of gold - just ask Artemis who are still trying to get some decent gold grades from drilling on conglomerate gold targets in the Pilbara.
• Lastly, TLM picked this tenement up for $250K of stock, gaining a 70% share for an exploration spend of $1.5 million over the next FOUR YEARS! I'm sure you know the saying that if something seems to good to be true... hard to believe that with the POG so robust, anyone would let prospective gold ground with "bonanza" grades go for $250K and such a small commitment to explore. It's like someone selling us a high grade nickel deposit for $250K - highly unlikely.

Anyway, just my 2c worth I hope holders can do OK here and the geo team can prove me wrong at Lucknow.