Ann: Quarterly Activities Report March 2022, page-19

Mel has been upbeat every qtr, to watch another qtr pass by without much progress .... as I have stated before not sure if it’s over enthusiasm or poor planning but he really needs to get a wall calendar and a progress chart.

I can’t honestly believe Liontown will produce in H2 given no approvals and prior indecision on the best way to go about it O/C or U/G .... incidentally I am sure they would have to get Govt. approval for one or the other, just can’t do whatever you feel like so I don’t buy the story sorry .... it’s also a remote site with no infrastructure, the best one could hope for is some early works Imo ... it might be another New Years Eve start.

Disappointed to see them hiring RO plant at Hillgrove as Hillgrove has an RO plant ... obviously not on care and maintenance. Large cost.

TSF raise, subtly joked about this weeks ago, had 18months left when they bought Hillgrove. Interesting. Even bigger cost.

This could be the qtr to buy in .... what could go wrong.