Ann: Renounceable Entitlement Issue to Raise up to $3.25 Million, page-20

This CR of $3.25m is an absolute joke in view that the company had as at the 30June 2023 $4.4m in the bank and assuming they may have spent say $1.4m in the last 2 months they should still have approx $3.0m in cash. If this is a fair assumption then why do they need to raise at this ridiculous price of 5c??

Utilise the current funds and drill away on the various projects, hopefully get some reasonable results, the share price you would think may then go for a run to 15c to 20c and then raise more funds then say at 15c ??? Seems simple to me but no let’s dupe the shareholders with a gimmicky “rights issue” with some stupid option deal to make them think the company is looking after us?? What a bloody joke Mr Tudor. The reason for taking this route is because no brokers or sophisticated investors are interested anymore in buying into your crap anymore so no option but to try and sell it to us poor shareholders. AT states in the latest Proactive Investors presentation yesterday that he thought it nice to allow us loyal shareholders the right to get in at a cheap entry price blah blah which in my opinion is a load of s##t. The broking and investment world have woken up to you that’s the real truth and they will no longer support you or your company.

Keep raising money and if you do collect the $3.25m less the exorbitant cost to the underwriter I’m sure then you and your fellow directors can keep paying your salaries and other side benefits for a bit longer.

As a long term shareholder I just can’t see this company or the share price going anywhere for some time to come. Where it all went wrong who knows as I am still trying to work it out. If you listen to AT on all those presentations everything is going extremely well??