I attended the AGM and managed a brief chat with both Paul and...

I attended the AGM and managed a brief chat with both Paul and Andy following.

My brief summary / personal comments (not advice) below:

Intro / Pinnacles

• Paul / the Board are proud of the low SOI and will be working to maintain this going forward. The company is well capitalised following the recent raising and retains the ore streaming option with Saracen as required;

• Pinnacles FS - decision to mine will come Q1 next year and in my opinion, is highly likely to be positive. CR was done now to take advantage of gold price / to avoid any delays to kicking off and with CAPEX likely to be low, I expect we will be off and running without the need for further CR;

• The team is well integrated at SAR’s Carouse Dam site and will continue to leverage this relationship during production. Really great to hear that our MD and two junior geos have been out on site as recently as last week (more on this below);

• Team also excited by the recent drilling at Pinnacles which has confirmed previous assumptions made – shareholders should be aware of the mountain of work completed over the last few years to get to this stage. Roughly 50%of the gold extracted from Pinnacles will come from bottom of pit which has the high grade mineralisation typically seen during 70s and 80s – i.e. a time when price of gold was much lower ($350 - $450 US) and these grades were required for mines to be economical;

• Andy mentions that any upside from the Pinnacles site will flow back into the exploration of Wallbrook which will progress our previous fantastic results.

Wallbrook

• Andy mentioned that he had handpicked the Wallbrook when he was given the company’s reins roughly 5 years ago. Obviously, plenty of hard yards went into pegging and amassing the tenement in its entirety - Andy was excited 5 years ago and seems just as eager now;

• Heavy exploration into Wallbrook is planned into next year at the prospects we’ve seen results from in the last six months – I did mean to query about the Gap and further north but unfortunately skipped my mind, sorry team;

• Templar’s recent results are really encouraging and matching well with the team’s understanding of the geology in the area. On the slide 15 (photos of the mining samples), Andy mentioned that one of the junior geos drew comparisons to the photos from SAR’s Karari mineralisation (note – the team has their own facilities [lockers etc.] at Carouse Dam where these could be comparted) – Karari has had ~5m ounces with the resource at ~2m at June 2020;

• Drilling conducted at Crusader was focused on the southern part of the 600m strike where grades were high (also open to the north and at depth) – whilst Andy acknowledged delays with the labs, he mentioned that results from Crusader’s deeper drilling ‘could be received as early as next week’;

• Quick note on outstanding results from Golden Dyke and excited to follow up Branches drilling given recent results – 35 holes hitting mineralisation is testament to the team’s planning;

• The potential of the Paint prospect seems really exciting for Andy. With the pandemic, the Victorian geo historically working here was unable to get across and continue – this will change into next year but there is a lot of ground for the team to cover at the prospect.

All in all, the AGM ran very smoothly and I left feeling that we are in very good hands – the company has hit all its goals for the last 6 months, has an exciting prospective landholding, cash in the bank (security) and high probability for near term cash flow, it seem like we are onto a winner here. I expect POG to fluctuate around for the next few days so there may be some buying opportunities (trying to hoover up as much as possible under the capital raise price).

I expect the market will wake up upon the decision to mine and even more so when the drill spins at Wallbrook in 2021.Finally, many here seemed to enjoy my last post on the possibility of a takeover – Andy suggested this is unlikely but mentioned that SAR generally aren't the best explorers. Regardless, as seen here and in my last post, my opinion is that we have plenty of upside.

Cheers,
ST