Ann: Update Top 20 Registered Shareholders, page-14

If all options are converted the company should have about $5.5m - which should be enough to prove up more DSO tonnes in the northern zone to complement the imminent southern zone resource.

15 to 25 million tonnes of DSO across North and South would be a stellar outcome.

Interestingly, the weathered ore grades in the northern zone seem to be slightly higher than in the southern zone.

Obviously there's a 3 year expiry on the options, so we need to assume $2.5m of money for the options will trickle in over that time, but the majority towards them end of that timeframe.

Who knows what path Paul and the board will take with relation to the build or the funding, but if Bekisopa has 25mt of measured DSO and 170mt of inferred DRI grades, and Satrokala has an inferred maiden resource of 100 to 200 million tonnes, then the potential for long term off takes what allow producers to secure high quality, low impurity ore then there could and should be some sort expectation for upfront payments, or strategic investment.

In theory we only need the markets to raise the funds to commence DSO production.

Any expansion should be self funded, and any diversification would be years down the track - if at all.

I've got no near term objections to a tight register and low shares on issue.

What I don't want is shorters and manipulators messing with the company and impacting the ability to raise funds at a reasonable price.

At the end of the day a multi decade dividend cash cow is often the best outcome for investors, and that's what I'm here for.

I invested heavily (for me) in this raise, because I wanted to demonstrate my support the company, and I now actually have a lot more shares than what you can see via my CommSec holdings when you add my SMSF, CFD's and options.

I think adding another 1.2m shares to get a Top 5 holding is going be a bit of a stretch, but I'll add more as funds allow and opportunities present themselves.

I'm generally very generous, but I'm content to be greedy in this instance.