Ann: Quarterly Activities Report, page-14

It is the drilling results from NMPP (ie Boda, etc) that will drive significant movements in SP (up and down). They still seem positive on Boda/Kaiser with some interesting statements noted below. No mention of high grade zone targeting which is disappointing IMO.

My main takeaways from the quarterly report are:

1. Delays for Boda results so not expecting results until mid May. On Boda they stated (my highlights):

"Laboratory turnaround times continue to be longer than anticipated.Results from several drill holes are being finalised and will be released in the coming weeks."

"The Duke and Kaiser Zones show many similarities to the Boda prospect including their alteration assemblages and zonation with a northwest trend to the hydrothermal system. The absence of probable causative intrusions from the current drilling and the presence of hydrothermal breccias hosting the strong mineralisation are indicative of the shallower levels to a large alkalic Au-Cu porphyry system.

Boda drilling program - targeting areas north of Kaiser and between Kaiser and Boda but nothing about targeting high grade zones.

"As well as further drilling around Kaiser, Boda and Boda Two, future drilling will test other known gold copper mineralisation occurrences and co-incident IP anomalies within the 15km monzonite intrusive corridor that extends from Boda to Finns Crossing.

There is also currently an 800m gap with very limited drilling between Boda and Kaiser, and follow up drilling is being scheduled to test this very prospective corridor."

2. Feasibility study on Tomingley extension delayed with results to be released in May quote - "Feasibility plans that include both open cut and underground mines at Roswell and San Antonio are being finalised and expected to be announced in May". and "Preparation of the feasibility plans has taken longer than anticipated, with delays due to the incorporation of updated geotechnical advice, updating minor road diversion plans and pricing post-consultation, finalising waste rock locations post-consultation, as well as timing considerations between the proposed underground and open cut ore production."

Regarding Roswell and St Antonio they are going to do more drilling partly to expand the resources. Their quote was "The Mineral Resource will be subject to further infill and extensional drilling with a view to both define the continuity of the mineralisation and high-grade zones at depth"

3. Yes good financial results for the quarter.