Ann: Quarterly Activities Report-MSR.AX, page-2

"While the license transfer process is progressing, the large number of licenses involved and complex legal process means that the Transaction will take some time to complete and is dependent on resolving legal and taxation issues. Manas expects to provide further advice on the Transaction progress in November.

The VGP hosts a number of significant gold occurrences, including several which have previously had resource estimates reported. As part of the due diligence process, Manas engaged Haren Consulting to undertake a detailed review of the various gold deposits to assist in the planning for a rapid restart of exploration activities at the appropriate time.

Manas also initiated a review of the extensive geophysical database using Fathom Geophysics, to identify other quality exploration targets across the VGP area using the known deposits and prospects as reference points. Fathom Geophysics has extensive experience in target generation through re-evaluating and enhancing historical geophysical data sets and integrating this information with available satellite imagery, geochemical information and structural interpretations.

As previously announced, Manas engaged Independent Metallurgical Operations to review the historical metallurgical information for the project. As part of its recommendations, diamond core drilling would be a priority, following settlement of the transaction, to generate additional samples for metallurgical testwork as a precursor to a scoping study to assess the development potential of the various gold deposits within the VGP.

Following completion of technical due diligence, including by third party consultants, the Company will provide a further update on the prospectivity of the VGP."