Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-29

Yes, I agree with you that monetisation doesn’t need to be immediate but there needs to be a credible pathway to getting there, within an acceptable timeframe.

At the moment we have potential short term triggers around drill campaigns (certainly useful and potentially significant in aggregate, but not moving the dial so far this year) plus the longer-term narrative about aspirations to become a ‘deep-tapping’ miner similar to some of our neighbours.

What about the interim goals of the next 6-18 months, though? By that I mean milestones that make Warriedar different to the large majority of junior explorers on the ‘raise-drill-raise-drill-raise’ strategy.

Can we do a toll mining deal in the Murchison? Can we find a cornerstone investor who won’t sell the shares on a 10% price rise? How are we going to get a fuller value for the (soon to be) updated MRE at Golden Range? Is there a real prospect of a significant antimony discovery? Can we find a way of realising value from Big Springs, either in cash or in share price value?

If we show a different pathway to the majority of explorers, we stand out in the market. That also makes it easier to appeal to investors prepared to pay market price and hold onto the shares for the medium/longer term!