Ann: Quarterly Activities Report and Appendix 5B - 30 Sept 21, page-89

Well,you do what you do,the problem is no body know when a cap raise comesand at what price, if the price goes back up before rhe raise Chances are those 80 cent stories wont come we have a pretty strong value line consesus around 1.0-1.05. We raised 12 just about 3.5 month ago,and by the year end i believe we finished up our drilling campaign at Korbel.That said the heavy spending period i expect to be stalled as we wrapped up our Korbel drilling campaign.The next spending period starts as we go back to RPM this spring, and as i expect it will come by the earliest in april/may.The company spent 2 million a quarter last year we got 6 million at the end of september,and raised 12,even if we spent another 8 million last quarter we still got closer to 10 million around this time. RPM will start to get drilled in 3-4 month which the next thing what we will do as mayor capital spending,so all in all i dont expect a capital raise in the next one month although i could be wrong,and it will happend surelly after the scoping study results,which anyone can speculate how will look like and what kind of share price performance will it bring,if it will be positive and confirm a reasonable capex with a 2-3 year payback story which can continue to produce for decades than chances are that we will indeed rerate and suddenly start to value our huge resource with better multiples.

Also what worth to be added the stalling share prices at Nova and Juniors not happening because everyone try to cap raise now,its because people are uncertain about the US market,and what happends there always boil down in some form in Australia,so all that said maybe you get Cheaper shares maybe dont. Generally i dont like people who come around few times a year and try to fear mongering into investors ears and try to encourage stalling buying or promote selling bec a cap raise will come,this isnt investing and this is not what the stock markets are for,and of course some people can end up making money this way but over the long term i believe still the best outcome come to those who find a great company and invest there for a few year or even several years.