Ann: Quarterly Activities Report, page-14

Muscleman

As an investor, I think you should realise that speccy (high risk) and timeframes can be like oil and water.

We will get rewarded on outcomes not timelines.

While it would have been great to have all the finance, the offtake and lithium drilling finalised. I think we have learnt that things aren't that straight forward.

We need to remember this a small company being run on a shoe-string and they are trying to bring a world class asset into being. This isn't like getting a home loan.

Tungsten financing isn't what Aussie banks do. They won't lend like a gold project.

The fact that Geoff has agreed to an extension of 1 month, means he is comfortable with Russell's progression and in the scheme of things 1 month isn't very long.

Happy to acquire from frustrated sellers.