General Discussion, page-12

Interesting price action here last few days - I had a small investment (more of a punt) here which is now suddenly looking "not so small"

Trying to gather my thoughts here but its proving to be difficult as we have so less information / geological data. I give it a try any way

- Market cap was under 10 million when I invested here. My initial thesis was that these guys are exploring in a "newish" part of yilgarn craton and already have a bit of copper and more importantly decent hits of Gallium >100 ppm which they intend to put a JORC Exp Target around in January.

- I anticipated that much information is probably worth a punt as the trade winds could propel the company to a 20M market cap which is a decent 2x for doing fck all and only waiting a month.

- The stock has obviously surpassed that investment thesis and now stand tall at close to $30M cap and a 3x for my humble investment

- Where are we headed?

- Monday being a public holiday - We have a grand total of 5 trading days in January and the Announcement seems all but ready to be made - Just being reviewed etc etc etc

- There is enough reason to believe that people in know are mopping up line after lines of any sell depth that they can see. Not being too discrete as well. There is no BOTS or BUY Sell Buy action. Just outright line wipes. I.e local punters in teh know are buying ahead of announcement.

- There is no question about the business case / Geopolitical significance of Gallium and likely the interest from parties to offtake is real

- All things considered I suspect a $50M is reachable (although there are no guarantees)

- Defining a TARGET is not an end on itself. Its a necessary step to do a deal with a partner/investor who could fund the exploration on favourable terms. Nimy needs atleast a few million to drill the hell out of Block 3 to declare a JORC Resource. That will be some achievement and potentially take the company above the 200M mark if there is a economic resource here.

- And than there is Masson - Which is looking interesting BUT nimy really need more copper and less nickel here. For that need again need to drill deeper. Another 5 million here could go a long way in confirming the theory that there is more copper at depth. If thats true this project will be real interesting and easily attract a farm-in/ JV partner etc or straight up exploration dollars.

I sort of like the odds here. Fully appreciate its early stage exploration so could very well go to zero if the geology doesnt hold.