Ann: Wilsons Rapid Insights Conference 2022 Presentation, page-4

It does sound exciting & would be if they delivered on it. Will they? That's becoming a leap of faith now rather than an assurance of word.They've had repeated disruptions to guidance for a few years now, some of which were out of their control but they've made some bad decisions too & that falls directly on management, talking of which...... considering where they are & the intent to limit further growth capex going forward I can't see the need for some of the guys on the Board. It's really looking top heavy now. Robert Douglas (Morgans) could go, they shouldn't be needing someone from corporate advisory that specializes in capital raisings & so too Peter Hudson on capital raisings & transactional advisory services. Is there a need going forward for this expertise? There shouldn't be if they're straight talking. They have their financing in place, they've formulated a strategic plan for the business, they've sized it to where they aimed & where it's going. They need operational oversight experience which they have sufficiently with the balance of the Board to keep operational management accountable.

This arguably should be multiples of where it's trading & debt will be uncomfortably above the 1x ratio they indicated earlier when they purchased the last tranche of rigs. Every mineral they cover is in demand. Cashed up explorers can't sink holes because they can't secure rigs. Even coal now can't be dug up fast enough yet the share price is languishing at Covid lows. Something is wrong here. I wonder if they've bitten off more than they can chew. We've held this since 2016 and are cumulatively over 4% of the register. We are patient capital but they really need to demonstrate some financial performance. The story has been off script for a while. Patience is finite.