Ann: Portal Cut for Kanmantoo Decline Commences, page-28

Hi Allee,

The past beyond the current business plan is history. Fortunately the market sees it very unfavourably which allows investors to pick up a valuable suite of assets very cheaply.

When you analyse the chart in the light of what has happened in the past year the upward trend makes sense as does the current share price.

The first discounted Placement and SPP at 3.1 dropped the share price down to the issue price for a few months which is not logical but understandable given the market is driven by the past not the future potential. The SP drifted back up when drilling successes supported the proposed four year mine plan to process < 1mtpa from Kavanagh .

The latest cap raising at 5.2c has to date only served to drop the share price down in similar fashion to the first one. Again not logical but understandable. The substantial benefits that that extra capital deliver are nowhere to be seen yet but they are on their way.

When the more ambitious plan is finalised and spelt out to the market and drilling successes emerge we should see a possibly steeper shape to the upward trend as the price drifts up with the news flow. Good MRE's and the DFS could put some decent steps in the upward trend.