Ann: TARGETS GENERATED AT GASCOYNE EAST PROJECT, page-11

Disagree the announcements are all fluff. Yes no drilling has been done since relisting but they've done the legwork and managed to do that without spending bucketloads needing to raise and excessively dilute from raising in awful markets. Where would the SP be if they did a drill program last year that wasn't on prime drill targets and came up with average, even good results? Would have had to raise at awful prices.

Lithium and REE prices appear to have bottomed, with REE in particularly performing well the last few weeks. Lithium spod prices have had daily increases since the end of the Chinese new year.

Getting drills in the ground now is the perfect timing in the broader macro environment. Yes management have to actually deliver on this but with all the groundwork done on Lockier Range and Lyndon (excluding Uranium targeting) there's no excuses/reason this can't happen shortly. Without needing to raise H1 it will re rate nicely with drilling imminent.