Ann: Quarterly Activities Report, page-4

We now have a much clearer view of their strategy:

Business Development and Exploration
Mount Gibson continues to examine and invest in opportunities consistent with the Company’s objective to extend and grow its business into new operations, targeting the bulk commodities (iron ore, steel-making coal and bauxite) and base metals (copper, lead, zinc) sectors, primarily in Australia. Significant time is being devoted to new project generation, site visits and discussions with third parties with regard to further potential acquisition and partnering opportunities.

During the quarter, Mount Gibson increased its equity holdings in several junior resources companies where it is considered that future financing or strategic opportunities may arise. The market value of these holdings totalled approximately $19 million at 30 June 2024, compared with the total positions of $5 million at the end of March 2024.

The Company also continues to assess regional exploration opportunities for base metals deposits particularly in Western Australia and Queensland. During the June quarter, activity focused on interpreting data from the recently completed ground moving loop electromagnetic (MLEM) survey at the Baillys prospect near Mount Gibson’s former Tallering Peak iron ore mine, and planning additional mapping at the Butchers Track project north of Tallering Peak. Negotiations also continued regarding potential farm-in and joint venture arrangements to prospective base metals exploration projects in the WA Goldfields region.

Rapid ramp up in their focus on those juniors with interesting prospects. Have nominated their target commodities (iron ore, coking coal, bauxite, copper, lead, zinc) - I am a little perplexed with bauxite in the mix, but there are some interesting options in the others. That they are already crawling over sites, etc suggests that we may get further insights sooner than later.

Disappointing re the slowdown in FY25 KI operations, but the real focus for mine is what they would do with the cash. So now we are getting a clearer picture of the focus to harvest KI cash and redirect into other projects - I personally think this is a good move as that is more likely going to create longer term value and share price growth than the sugar hit of a large distribution.

Now that they seem to have come out of "the long grass", I would expect to see a strategy presentation that clearly articulates where to from here by the time of the AGM.