Ann: Review of drill-hole FW220009 at the Mount Lamb NE prospect, page-206

Having re-read the recent announcements, my conclusions are as follows:

• The geologists are excited about what they see so far. The indicators of an IOCG Tier 1 type deposit are there.
• Assays will be key in determining where the 'guts' of this thing is and where the next drills should go.
• Bang for Buck' is the new strategy in managing cash flow. They are confident they have something, so focus the energy and spend on the big prize, rather than diluting resources across multiple sites. Whatever is in the ground in the other tenements isn't going anywhere.
• Hole 10 will be the last of Stage 1 of the drill program. It probably won't be the discovery hole, but like the other holes, the assays will build the bigger picture and help determine where a revised Stage 2 program should concentrate.
• The BOD are working hard and are fully aware of the importance of having the OA's in the money and exercised before expiry.

I far prefer a methodical, analytical approach, combined with good fiscal management, which is what the new CEO appears to be doing. The current SP doesn't bother me, particularly given the below average volumes. I see it as an opportunity, rather than a reflection of the fundamentals.

As the good doctor has said many times, this is a marathon, not a sprint!