Ann: Successful A$7.2m Placement and Launch of Rights Issue Offer, page-7

The Good
1. AML already has a sizable orebody - cobalt being of particular interest given current prices.

2. Walford Creek was only acquired circa 2014 & drilled since then under all the usual constraints affecting a junior miner.

3. AML has other licenses. Prior to 2014 it was in a JV with Rio for its Ben-Hur/ Greater Whitewash area. Phase 1 was completed but RIO declined to go to Phase 2. No shade on AML. Remember Twiggy had success in Pilbara on ground passed over by BHP &RIO because they just hadn’t drilled enough.

4. The CEO & Exploration manager are new brooms who are likely to sweep well, given their backgrounds.

5. a larger resource base will be more attractive to Prospective Partners.

The Bad
Mining is capital intensive & it comes as no surprise that there is another capital raise. It’s just been badly timed. But remember the capital hungry high voltage power transmission companies in the early 1900’s. They were capital intensive & battered by speculators, but most survived. The key word being Intrinsic value. .

The Ugly
all the short sellers. Just stop. Go to the races!