Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Objective 1 - Phase 1 Study Program drilling should now be completed (awaiting all assay results)
30 diamond drillholes : 7 geotechnical holes and 23 holes that twinned existing Havilah RC drillholes on the Kalkaroo copper-gold deposit.

The underlying intent is to bring forward resource knowledge that can inform next-phase strategy and an investment decision on the Kalkaroo Option sooner rather than later - naturally on the premise of ongoing positive results.

Phase 2 Study Program drilling in the works, which to me indicates no showstoppers or red flags to date.

Objective 2 - Phase 1 Strategic Alliance drilling completed (awaiting assay results).
The Homestead prospect drill results are expected in the near future. Interpretation of drilling to date has identified potentially over 5 km strike length of the prospective horizon. Potential to host another Kalkaroo-size copper-gold deposit, subject to the prospective horizon being sufficiently well mineralised.

Phase 2 Strategic Alliance drilling program proposed by Havilah was under consideration to explore several prospects to the north of Kalkaroo, namely North Dome Closure, Brooks Dam, Croziers South, Manning Dam and Eurinilla Dome.

BHP is not taking its foot off the accelerator. Still providing $1 million a month to Havilah.

Objective 3 - in progress.

Objective 4 - subject to funding (and drill rig availability), this calendar year.
Looking forward to finally drilling out a JORC Mineral Resource on the Grants Basin resource, initially targeting at least 0.5 billion tonnes of iron ore.

Objective 5 - parked (for now).

Objective 6 - discontinued. The $175,000 Havilah exploration budget could be redirected to Objective 4 above.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.