Ann: Share Purchase Plan, page-5

Significant newsflow to come. Particularly on Estelle but Snow Lake Resources news will also flow. The Windy Forks REE project may be a surprise plus news expected on Officer Hills Gold JV with Newmont.

Good prospects from historic drilling at Estelle ( we know there is gold there but they need to find the higher-grade core) and IP survey is very promising. Now need drill bit to prove the geology matches the potential indicated by IP survey. Company is aiming for a Maiden Inferred JORC.

Plan is basically to keep the scout drill plugging away to test extent of mineralisation then target deep drill based on IP survey and scout drilling. That’s the way I see it.

Exploration target is 2.2Moz to 5.3Moz on initial target within a property that could easily yield 10 Moz+ based on depths and grades shown by historic drilling at other targets.

ASX peers are TIE.AX, BDC.AX, MZZ.AX

MZZ.AX 1.02 Moz @ $22.56M
BDC.AX 2.58 Moz @ $64.99M
TIE.AX 1.7 Moz @ $ $28.59M

NVA @ 51% earn-in and could get to 70% this year. MCAP currently $18.38M compare with peers above taking into account exploration target .... ( supported by historic drilling and fieldwork ).

SPP has been designed to minimise dilution ( no options ). Also restricted to existing holders so that minimises chance for short-term traders to buy shares at a discount.

I already have a large holding of options so not participating.