Ann: Quarterly Activities Report, page-6

Hi nursery,

Here is my two cents worth.

At the close of trading on 10.07.2019, with EDE trading at .042, by my reckoning the TAS SP should be worth 5 cents alone just on TAS's 37.5% holding in EDE. Therefore, with TAS closing at .055 on 10.07.2019, investors are valuing TAS's minerals assets (primarily Vulcan and Pernatty) at only around A$2.6 million or .005 cents a share..

I am sure this will change over the coming days and weeks as events at both Vulcan (with FMG) and Pernatty (Electromagnetic Survey) unfold.

Regards,

MB