Ann: UPDATE ON DELIVERY OF WINGELLINA PRE-FEASIBILITY STUDY, page-6

I've been buying down here. Probably not lost on the market the massive opportunity due to OZL and West Musgrave and what that means for the region.

The IRR for OZL isn't massive but they have upgraded their capacity to supercharge their cashflow and payback. They have scale and further expansions will improve economics.

NC1 sits in the same boat, they've barely scratched the surface of their laterite deposit and it already has district scale inventory credentials. It bodes well investment is happy to come into the region, massive upside for NC1 what is now ∼$60mil MC. Looked too cheap to me at circa 50c.

A big player could take it out right now for $1.20 bargain considering the OZL dynamics. I wouldn't want that (in ground value in the billions) but opportunistically it makes sense. Needs the PFS refresh to see the way the wind is blowing.

Just need mgmt to stop playing silly buggers with trading bs and do the work. All the tailwinds are there for a massive outcome.