General BOA Discussion & Overview, page-35

Is interesting the way the ordinary shares have caught favor, with very little selling, yet there is a consistent offer of the options at near all time lows. Especially after the promising initial works at both Bald Hills and Fraser South prospects.

I'm a holder of both. On traditional options valuations it would obviously be priced at a very high volatility, but then that reflects the scenario of the company..

The market cap right now is approx $13m, the strike price is at approx $32m. The following we should have much clearer picture on in the next 12 months (2 years until option expiry):

- Fraser tenements controlled by IGO. Define a resource and that's a $50m pay day. IGO is actively working these tenements.

- The Southern tenements at Fraser where they have identified the Snowy's anomaly, which they seem very encouraged by. Good chance this is drilled before the end of the year. IGO also very acquisitive in the area.

- The Bald Hill lithium opportunity, where they also seem encouraged from initial works, remembering it's close proximity to an existing defined material resource. Again would expect drilling before the end of the year and if it identifies a material resource the value could be many multiples of the strike price.

- Then we have the Koongulla project, in the highly prospective Paterson province. Lots of copper/gold being found in the area and management very encouraged by geo analysis to date. Again likely to see drilling before the end of the year.

- Then there are the QLD projects which we should get a clearer picture on soon after some initial works.

Seems pretty binary (which is perfect for options) - if just one of these opportunities advances the SP could be multiples of the strike price, and in some cases many multiples. There seems to be enough cash to get a good picture on most opportunities so should make for a hopefully very interesting 12 months!