Ann: Quarterly Activities Report, page-35

John Braham – Executive Director

John is an experienced Mining Finance and Investment professional with a 24-year career at Macquarie Bank, the last 11 of which were as an Executive Director within the Mining Finance Division.

John built and ran a successful mining finance business in New York for Macquarie Bank from 2001 to 2008, providing capital to the junior mining industry. This involved providing debt and equity to exploration companies and mine developers in both North and South America including companies operating in Argentina, Peru and Chile.

On returning to Australia, John built from scratch a successful bulk commodity finance business for Macquarie Bank which he ran from 2008 to 2015 based in Sydney. He was made co-head of Macquarie’s global Mining Finance business in 2016. John left Macquarie Bank in 2017 to be Principal of JR Braham Consulting Pty Ltd which provides advice to junior resource companies seeking capital.

I think this new ex-macquarie dude running the show would both 1 - know a lot of deep pockets 2 - know how to get them to part with their cash. I'm not surprised there is on market buying at a significant premium to placement.

I am wondering if they will go nuts drilling or continue on the corporate side, there are a few other options they could pursue there.