Ann: Wallbrook Exploration Target & Mineral Resource Estimate, page-177

" I obviously have concerns about how the hell this ended up being 175,000."

As I always tell my kids, you learn more from losing than winning, and you better learn quick.

As for my MRE hopes/calcs, here are my learnings:

1. The "300m mineralised corridor"

This always sounded like some rampy sh*t to me. I tried to allow for it, but didn't do so sufficiently.

I tried to allow for the 30m void by lowering the grade to 0.5g/t. The same goes for the gap between Crusader and Templar. If I had of removed those zones from the overall calcs, it would've put me straight into the exploration target zone when accounting for a 200m depth profile vs my 250m depth profile (depth used of official MRE was out of my control).

2. My BS radar is pretty good.

Overlaying the "300m mineralised corridor" with the MRE confirmed my BS radar works, I need to trust it even more. (noting that the MRE is at 1g/t cutoff). How many people used a "300m mineralised corridor" in their attempts at a MRE calc?

3. NXM raised the usual 0.5g/t cutoff grade for an open pit to 1 g/t.

This was out of my control, but should be taken into account going forward given the current enviroment. Keep 0.5 g/t for an exploration target, but I will need to work out how best to employ this concept into a useable MRE. I don't have the capacity, or desire, to enter every single drill hole result into some software.

Other thoughts

6M cash on hand equates to 4M cash to produce something positive. We all know, or should know, that when a company gets down to the 2M mark they are hoping for a one hit wonder hole followed by a CR.

That 4M productive cash has several competing uses:
a. Drilling to convert the Crusader/Templar MRE/exploration target into more indicated/inferred resources.
b. Drilling into one of the other mineralised corridors to potentially increase the exploration target.
c. Drilling and surveys of the eastern states project hoping for something promising.

AT will need some time to work out which path to take, which leads into the following thought.

EOFY (sell in May and go away). No doubt there are SH's waying up whether to take the hit now or hope for something positive in the next two months. To each their own, but from my experience, SH's tend to hold onto hope right up until the last minute, and then the flood gates open.

PoG - has two competing headlines at the moment.
Negative - US raises interest rates due to inflation causing the USD to rise and PoG to fall.
Positive - US regional bank (I forget the name off the top of my head) failure continues/completes causing fear to rise and PoG to increase.
Hopefully that bank goes tits up first.

GLTAH