Ann: Quarterly Activities Report, page-22

Federation - what absolutely stunning drill results - best [highest grade] we are likely to see in 2022

• Federation is the best base metal [CuPbZn] discovery in Australia since Degrussa

Drilling results indicate it will only get better

If you did a very approximate Cu Eq on it – you get a resource of 5Mt @ 4-5% Cu Eq.

If this was a copper only deposit at those grades – [a] I reckon it would be worth > A$500m [it comes with a plant – Hera] and Aurelia would be taken out

So, Aurelia is materially undervalued – market cap of $500m or thereabouts with no debt. So you get Federation + Aurelia, there is a heap of value missing from the market cap.

So the downsides:

AMI have done an appalling bad job to date marketing and on the IR front:

• Federation resource upgrade was included in the end of year MRE statement in July 2021 - most companies would have released Federation as a separate release to highlight the growth in the Federation MRE
• Releasing all the ASX releases on the same day [Federation, Cobar and quarterly]
• Not putting images of the high grade diamond core in the release

It is almost like AMI are trying so hard to prove they are a gold company [which they are clearly not] - they have overlooked that they have made the best CuPbZn discovery since Degrussa. AMI should be pushing Federation hard. much harder