Ann: Quarterly update and outlook - March 2022, page-4

Yes PeteW..., Dragues cosistently is pathetic given what we paid for it and what it was expected to deliver. They've trumpeted the increase in copper production but that is down on guidance . We should have produced an extra 500t unless they expect 2k/t next quarter. At the moment this confirms all the value lies in the assets we had pre Dragues, and that shareholders were badly treated over its purchase and the massive dilution we suffered. The financial report can't be that great with $80 million cash. This is certainly a lot worse than I expected or would have liked. Federation and Kairos continue to look great and Great Cobar will be a very worthwhile asset. Unless Dragues finds a new gold lode, we bought a lemon. In any event we overpaid for it and took all the risk. Bad bad is our board. We are lucky we had great assets pre Dragues and are equally as lucky metal prices favour us.