Ann: Share Purchase Plan Invitation Letter and Offer Booklet, page-101

Instos are given favourable treatment because they generally have more cash to offer & will likely spruik buy recommendations

Explorers regularly do CRs
to keep the lights on, pays wages, drill, improve MRE & JORC metrics that underpin BFS & ultimately lead to mining & profits or takeover

Us retail holders are only along for the ride & must accept that we will never be treated equally to instos

It can be frustrating & seems unfair when CRs exclude retail holders or there are scale backs

Difficult position for company when launching CR - if they offer retail fixed allocations chances are some retail will not participate for various reasons & the CR can seem under supported

So the alternative of allowing over subscription & selectively scaling retail holders back creates frustration but allows over subscription headline even when many retail holders don't participate

As others have pointed out it's not really a big deal if they are oversubscribed from retail, yes extra share issue means more dilution to holdings but only if you aren't participating in CR & aren't accumulating on market

The major dilution occurs from Insto CR but the cash injection for an explorer is essential & if it funds drilling that expands resource confidence & size this pushes projects closer to actually mining & profits

The real problem with Insto cash occurs when they stump up for CR with no long term intentions of holding & worse they look to sell for quick profit & then try to profit from shorting some of them are off the charts greedy & destructive! - however the lifeline to explorers is essential for survival & progression, so Insto investment is critical although the risks are known

All CRs lead to dilution & are generally a sign of businesses that aren't yet profitable which needs to be considered when investing or speculating

WA8 seems to have sizeable Au resources with Cu & Sb, that can be profitable to mine in proven Tier 1 jurisdictions with milling infrastructure needing upgrades

Be great if we could be mining tomorrow & no more CRs but WA8 is not a producer yet & there will likely be further CRs, further Insto investment & major loans required before we see profits - unless a takeover occurs before mining

Happy to speculate here, wait for further drilling results & hopefully see significant SP rise along the way to mining

There are other businesses listed on ASX & abroad that are profitable & pay dividends & not likely to be doing CRs & should probably be the bulk of retail portfolios - but each to their own

WA8 is a medium risk explorer with high return potential in my opinion - hopefully we will be rewarded for accumulating & holding during these early days of firming up resource size & progressing to funding for mining & eventual profits

Au the main focus with Cu & Sb bonuses

Good luck to WA8 business, retail & insto investors