NWE Refugees, page-81

the order of the holes changed after the NWE cap raise in April. The raise was timed after preliminary work at the well but before the flow test proper, and took the wind out of the SP. The timing surprised me at the time...they knew they were going to get stellar flow results, so why not wait until after the flow tests were concluded ad then raise capital?....

The raise was handled by MINs brokers - Bell Potter, and saw a few of MINs friends among those who got the cheap de-risked entry. imo the to was set up at that point, and to help make sure they nail it, Id say they (min masters) put the most prospective hole to last. I quizzed Iain about the change in order of holes at the time, he dismissed my concerns - it smelled to me. And it played out the way it did. Just like Red Gully is going to rise out of the grave...I believe Lockyer will do the same and then some. Assuming there is nothing funky going on with the LKR2 results, the structure is large enough to still have some of the original upside. Theres also the matter of the 150m gross oil column in the Wagina Dongara - and the reflectors are pretty prominent in the seismic from the NED-1 area. Lead E is similarly still prospective.

The real money in MIN is with the Lithium and iron ore. You can't take that from them.