Ann: Redmoor 2018 Resource Update, page-131

Pointing out deficiencies isn't being negative or down ramping, not in my eyes anyway. I'm just a realist and say things as I see it at the time. I don't like to let the roses block reality. I still hold because I think there is much improvement, growth and value here if management can unlock it. Doesn't mean I have to be in love with NAE or the people running it, this is a business to me, not a back slapping party. I'm still of the opinion that NAE would benefit from a new board member or additional director with a proven history of attracting funds/finance/buyers and developing projects to production. I think it would be of great benefit to Gary and us as shareholders, but that's just my opinion.

The last run was based on a global coal panic and a rapid commodity rise in response to the event. Our team weren't able to, and have not yet been able to capitalise on that for Lochinvar... which is also worthy of mention, but that would probably make me a 'down ramper' in the eyes of some.... but I'll leave it at that, even though there is much more that could be said. It did provide some nice trading opportunities though, for which I am grateful for as it has allowed me to remain 'long' otherwise I would've been gone long ago before we got to these levels.

"Imo pointing out a likely volume event only serves to make more holders jump on board that in turn makes a failed breakout more likely."

Fair enough, that's your opinion. I don't subscribe to that theory though as imo mostly all successful breakouts are done on large volume, and failed breakouts are mostly on low volume. There's always a pullback after a large volume move, but it's more likely to be sustained in the long-run providing there's a steady news flow and a consistent company direction - which hopefully we will have now with Redmoor gaining traction, albeit rather slowly.

We didn't maintain the last rise because nothing arose from Lochinvar, the news went dead, the market realised nothing would happen and then we changed tact to Redmoor, which was obviously always the plan - but that's not why most of the buyers at that particular time were buying in for so many bailed and went their own direction. Fair enough. Many investors don't like it when management fail to bring a project to life, and let's face it, after all these years - that's the reality of Lochinvar's status until proven otherwise. Hopefully with the upcoming demand for tin, along with the scarcity of the commodity in bulk tonnes, that Redmoor follows a different line.

I picked up a few for my wife's account at .008/.009 as it's just too cheap at these levels, and as you are well aware, tin exposure on the ASX is limited to a handful of options. They will remain sleeper shares as it's not a very active account and only a modest holding.

As stated, there's clearly value here, particularly at these levels, but there needs to be some improvement on many levels going forward.

All you need to do is put your buys in and wait... Off-screen sellers will come. Like light to the flies... Hard to get them at .008, but anyone that's been prepared to buy at .009 hasn't had much trouble getting orders filled in recent months. They usually get filled once the buy que gets stacked (circa $5-10k) a little above noticeable onscreen support i.e 1 pip above current price, then a seller usually takes advantage of it.