Ann: Wiluna Uranium Project Update, page-105

Ok, clearly you have forgotten, so here it is once again...

Leading up to the Jan 2022 government deadline for completion of 'substantial commencement', I started getting worried. Because, it takes up to 12 months to plan, hire, mobilise contractors, and execute earthworks/civil construction on a remote site. I was seeing no announcements, no urgency, no action by management...silence. Meanwhile, Vimy had just achieved their 'substantial commencement' in Dec 2021, and were preparing for mine development. So, I got worried and called Toro management, I ended up speaking with Greg. It became clear to me that management had decided that they would not pursue 'substantial commencement'. In fact, it appeared to me that they were more excited about the Dusty Nickel project and the potential for gold exploration, than in uranium. I remember feeling confused, and devastated at the time. Very soon after, I sold. And I remember telling you on this platform at the time. Do you remember the conversation we had?

I could not understand what the hell they were doing, and why they hadn't told the market. It was like being in the twilight zone. So I left.

Anyway, fast forward to now....

The reason I bought back in, recently, is:

1) World class asset
2) I believed, the instos, and large retail owners would look at the share price performance since Jan 2022, and finally take action to replace this management.
3) I believed, that management would exercise their right under the act, to request an extension of the 'substantial commencement' deadline, via the indepedent appeal process.

Neither 1), nor 2), have happened. And in the meantime, I am down nearly -50%. So, I'm stuck now.

Rick Rule was right, sound management is the key.

There, now you have my story, yet again. Happy now?