Short and medium term targets, page-2

Welcome Chris. You've probably read that we've only recently come into what many would consider close to the fair value of the company given its cash position, assets and EV. Where we are looking for the mid to long term heavily relies on the drill bit. Best to discuss the two main targets separately.

1. Strelley. Drilling has already begun with a first pass of AC drilling. Expectation is to have results coming in mid November at this rate which will be closely followed by a RC drilling program once targets have been identified. Given drilling programs from breaking ground to reported assays can take around 6 weeks, I'd say we're either going to get those RC results around the turn of the year. With the Christmas period bang in the middle of that timeframe my guess will be results early January, I'm sure others may not agree here.

2. Tick Hill - Highlighted again in the AGM summary pack, they are looking to start RC drilling in November looking for the extension at Tick Hill North. Like with the Strelley RC, the timing of results will heavily depend on when in November they actually start drilling. If early in the month, we should have results by Christmas, if later then results in the new year.

What does all this mean for the price? From my experience trading goldies, there will generally be a ramp up in the share price in the week or so before results are expected to be released. What they find will generally create two reactions depending on the quality of the samples, the market will not like what they see and there will be a retrace or we'll hit some serious gold and could potentially multi-bag at opening. With the timing of the drill results flirting with new years in my opinion we should see some upwards movement in the price in anticipation of results, my guess is we'll start testing 70c. If you're looking beyond the arbitrary end of year cut-off, the drill bit will decide whether the price rockets up or pulls back until the next campaign starts.

Worth noting that we have enough cash in the bank for many more drilling programs even if the current ones aren't fruitful. You might see some pain in the share price in the short term but longer term we're well funded to drill for years.

Again, all in my opinion, DYOR.