Ann: Results of Meeting, page-12

I also attended the AGM yesterday and have a few points to note. Firstly the BOD were welcoming as always, and no I wasn't a participant in the 2.8c CR. There was definitely no whiskey nor backslapping going on.

The compliance matters were taken care of quickly and then shareholders had the opportunity to ask Thomas questions. Longreach has summarised the bulk of the discussions but I'll add the take home points for me.

- SA Heritage clearance has taken longer than any of the timeframes provided to Taruga by the relevant authority, such that the company stopped relying on and passing on these timelines to shareholders as they were not confident after the multiple timelines were not met, to continue reporting what they were told.

- The company can't 'politic' or liaise with the Minister directly. Doing so would be counted as a 'consultation' and re-open the entire process for public submissions and thus delay it further. Thomas was confident that a decision would be made in the near-term. They had written to the appropriate contact to request a formal status update recently.

- 7 holes had been drilled at Flinders but they started at the bottom as part of systematic exploration and weren't drilling adjacent to the historic workings or where likely known higher grade results would materialise. Taruga are in receipt of the results from these holes.

- There is a significant drilling programme already planned at Flinders/Jenkins if the approval is issued. This is 3-4x greater than the original drill plan

- SA has an amalgamated expense agreement, so spending over the minimum at certain tenements alleviates minimum spend requirements elsewhere. I.e. they won't be spread thing or forced to give up the hunt at the current prospects just to meet minimum expenditure or activity requirements elsewhere. Thomas stated that they recent pegging was to target all of the systems that they have discovered and to prevent other parties from rushing in to peg around them. i.e. Taruga tenements are over the entire prospective systems to start with.

- Thomas recognised the run other recent REE explorers (or explorers that have found REEs atleast). It was discussed about testing methodology and recoveries % not being clear in most announcements (i.e. the test methodology is not detailed at all). Sounds as if the ANSTO results will detail the test methodology including the pH of the acid. Also mentioned that the REEs are not in limestone formation so acid consumption in any process.

Overall remain impressed with Thomas's knowledge and energy. I'm not a geologist by any stretch so I'd rather back people like Thomas who have drive and incentive to find a major discovery.