My frank comment about the past 20 m9nths is that it has been a...

My frank comment about the past 20 m9nths is that it has been a horror show.

See the 5-year chart below to demonstrate that.

The SP has sunk from a price of 7+c ta 1/10th of that price, with the Board issuing many more shares along the way, the beneficiaries of those shares being sophisticated investors. Those people though have seen the share price paid diminish in both cap raises. The first was at 3c. The second was at 1.2c. How many sold?

At least now, shareholders who bought at higher prices and who still held shares as at 6 August have the chance to claw back at least some of the paper losses sustained by the massive drop in value so far.

There is a clearer picture now, imo, as to what the Board is aiming to do. Beforehand, it was unclear. Here, think of drilling Bottletree, then Cockie Creek, then abandoning it before completion to go back to Bottletree, then not completing its program there. There was also talk of planning to drill Wyandotte, even though having the money to do was not then available - and it still isn't!

It is therefore no wonder that there has been disillusionment with the Board's approach to things; also its professionalism.

Let us hope that it now has a clear plan (it seems so), and one that it will pursue without stalling and/or veering off that path. That said though, it stalled drilling at Steam Engine, and perhaps because it wanted to preserve funds until the first cap raise (rights issue) of $1m had filled the coffers. A second cap raise of $1m (placement) will (now, after the extended period for the first one) follow soon after.

Also, and sooner rather than later, the 2 deep diamond drilled holes will be sunk at Bottletree, both expected to cost a total of $300k which will only be reimbursed by the State Government after a list of conditions has been satisfied..

So, the clarity is this:

1. Use Steam Engine as the revenue source and prove it up and mine asap.

2. Drill the 2 holes at Bottletree, and hope for at least 1 bullseye there, - then plan ahead.

What is happening/will happen with Steam Engine will underpin and support everything else. More money will be needed along the way though to get to securing revenue from SE. Where will it come from?

There will be unlisted options exercisable at 1.5c to come from the 2 said cap raises. That would raise $1m.

There are also the unlisted options that Sophs got with the 1.2c cap raise which expire at the end of next year. The option price is a generous 1.2c. That would raise $2m.

Then there are the 76.6m SPQOB options exercisable at 6c by 30 Nov 24. Now that would be a very nice thing to happen, but something remarkable would have to happen for that to eventuate.