Ann: Quarterly Activities Report , page-2

Key Highlights:

Bacchus Marsh Coal Project (VIC):
Contains a 1-2 Billion tonne brown coal Exploration Target4 (see last page).

• Undertaking a 15 hole drilling program designed to report an Inferred Resource in accordance with the principles and guidelines of the JORC Code.
  
• 12 holes are now complete with coal thickness continuing to exceed prediction.
  
• Drilled new hole MBM 011a as a water monitoring bore. Currently drilling MBM 012.
  
• Draft Joint Venture Agreement being actively progressed with Exergen Pty Ltd.
  

Trafford (Mt Mulligan) Coal Project (QLD):
Contains a 100-500 Million tonne black coal Exploration Target3 (see last page).

• Pre-trial settlement reached with Calcifer Industrial Minerals Pty Ltd.
  
• Court orders made reflecting complete success for Mantle in the proceedings.
  
• Became aware of considerations to change the land use classification of Mt Mulligan.
  
• Working with traditional custodians and government to progress the project.

Other Projects:

• Aerial survey (magnetics & radiometrics) flown at the Granite Castle gold project area.
  
• Fieldwork was ongoing at the Charters Towers and Haunted Stream gold projects.
  
• Desktop studies continued at the Texas and Latrobe Valley coal projects.
  
• The Ashford base and precious metals project tenements were granted.
  
• Entered into an Option and Sale Agreement with Mineore Pty Ltd in relation to the Barkly phosphate project tenements

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Looks good to me, all on track for a significant re-rating if they get to the next stages of the projects, which should happen over the course of the next six months. Would not want to be not holding when they announce these developments IMO.