Ann: Potential For Phosphate Mineralisation at Frewena, page-13

I’m all for potential targets, however the reality for me is I’m here for the iocg targets.. I contributed just over a hundred grand (which more than some and less than others) between the last rights offer and the share sale facility..

I get that is good sense to expand our exploration to other minerals/metals, even moreso if our iocg targets turn up nothing economical.. But my concern is how additional non iocg targets are going to be funded (and that’s more of a rhetorical question)..

I don’t feel comfortable if we are chasing ghosts (ie changing direction off the back of phosphate nearology announcements), when we still have viable iocg walk up targets to fund..

I also get the business decision to chase the potential phosphate, it’s an “on the radar” resource right now, and if we find economical grades then yeah it will likely push our share price north making both capital raising a little easier and helping the OC’s get across the line (circa 12 months)…. Then we can explore those other potentials, I haven’t written off the frewenas yet as we don’t have the full picture..

But that strategy I believe is a medium term one as the capital investment is still required to prove/disprove any economical phosphate grades.. And that takes the focus/capital away from the iocg’s, which too be honest, I think most shareholders were banking on turning up something from all the announcements..

With this announcement, I am sensing that there’s a bit of a rudderless ship at the moment (certainly not captain-less), for a number of reasons ive stated in previous posts..

Don’t get me wrong, I have every confidence in the board, but when they land on a decision that deviates from the expectation I’d rather see, “advance to go - collect $200” not “you’ve won second prize in a beauty contest - collect $10” hahahah..