Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

To be even more clear, labelling anything Pirate, myself and most others have to say about SVL as 'down ramping' is way off the mark.

i actually see very little down ramping of this stock. Another dog I invested in, AL3, is an example of down ramping. People just hop onto the HC AL3.posts and say "this is a dog. No sales contracts..price is Gunna fall 30% this fortnight's

thats down ramping.

but to question why a large resource reserve - thats been known about for decades, and has seen owners / operators come and go - remains in the ground undisturbed, is a highly valid point.

is it not?

to question whether this venture has any hope of overcoming well resourced legal challenges is also a highly valid point. In today's society, you only need one deranged f**kwit who 'identifies' as 1/64th indigenous to claim that a small shrub is where there great, great, great, great grandmother mated with a serpent and....game over .

to question whether this venture has sufficient cash to overcome legal challenges, regulatory hurdles, and spiralling development costs...is another valid point.

to question whether the BoD and Exco are genuinely gunning at this 100% in a tireless, indefatigable display of tenacity....or are they happy just to pull big cheques whilst skiing....is another valid point.

to question whether the Ag price will rise or maintain sufficiently to sustain the business case is a valid point

to question whether construction costs have blown out since last modelling is a valid point.

best case scenario.....why don't any of you have the courage or care to try this.....

1. It's almost certain that no processing could eventuate before, say, July 2027. First revenue perhaps Q4CY 2027. First diva maybe CY 2029? That's a lot of spruiking required between now and then.

2. How much dilution will be necessary between now and then should they choose to raise capital via the CR pathway? Maybe 2 raises and a further 20% dilution?