Ann: QUARTERLY APPENDIX 5B CASHFLOW REPORT, page-115

I know how much unrealised value this company has in the ground.

That's the thing!!

1. A proven gold resource in Steam Engine, the source of which is unknown, but likely to be a reduced porphyry system some distance away. It is likely to get bigger, and bigger.

2. A proven porphyry system at Bottletree which has already had a wall rock copper assay in BTDD004: 632m @ 0.21% Cu, incl. 224m @ 0.40% Cu (refer ASX announcement dated 2 June 2022). (copper> gold); plus a superb moly reading.

3. Another porphyry system at Cockie Creek. (copper> gold)

4. Another probable porphyry system at Wyandotte.

These mineralised areas are part of the Lucky Creek Corridor which is claimed by HQ as a preserved island arc system hosting a belt of regularly spaced porphyry copper-gold mineralisation systems. It has a length of about 50kms

In addition, there is right at the bottom of the corridor, and in fact adjoining it, a nickel sulphide area known a Dido-Big Mag. Anglo-American discovered it but abandoned it when it disposed of its Australian assets some time ago. SPQ did the research and picked it up. It has no geological relationship to the porphyries.

SPQ owns all of its said assets.

Yes, things have gone awry SP-wise, totally, imo, caused by 2 low ball cap raisings to sophs. There is fear of another, thus aggravating the negative sentiment. However, and as you say and as I have hopefully supported with my above comments, there is great undiscovered value in the ground. In time, it could be huge.

So, it should be a very good investment one day. At this very low market cap, it looks great value. It may still be a bumpy ride for a while, but the inherent value that is there should make it a safe bet. It is now up to you to have a crack or sit and hope that nothing special is found.

The market waits for news on:

1. a program to drill CEIs 1 and 2 at Bottletree ($300k support from the Q Government) and other Bt holes.

2. the Steam Engine Options study.

3. an updated copper JORC for Cockie Creek.