Ann: 2018 AGM Presentation, page-10

Hello That's

lets look back.

JB AW & LP tried to re-start this project via the low cost, high risk strategy of processing the tailings. While this provided valuable information to land the interest of one of the largest companies in the world, Mitsubishi (Mits), the recoveries weren't good enough to provide the cashflow and profit required.

Mits undertook 2 years of testing and proved the assets met the technical requirements for a tungsten supply.

Mits made an offer of $15m (debt) to start the stockpile. The board at the time declined the offer. While disappointing, hindsight said it was a good move as the tungsten price collapsed. There is a high probability that if management had accepted the loan,we would have defaulted on the loan and would not exist now. See Wolf Minerals.

While the tungsten price languished and concerns over the lease, JM & RK management sort out lithium just in case we weren't going to be a tungsten producer.

Tungsten price recovered, RK took over control from JM and obtained an agreement to buy the quarry and head lease. Mits had management changes in Japan. so were off the radar. 

RK currently has a couple of parties that have nearly finished their due diligence and site visit. Now we wait to see if he can land a party that's not going to screw us. Apparently over the years there have been others interested but they wanted all the cream, so no deal. 

Given there is no other tungsten producer in Australia, WLF is broke, VML sold to TGN who looks to be pumping the share price and there are big ?? about the VML deposit anyway. KIS is still at the starting line. Just wondering what other actions you reckon management could have achieved. 

Tungsten is a critical metal but not many new mines have started in the last 10 years. From my understanding one in Spain and Vietnam.

Yes these are words but it's also part of the risk in investing in resources.

We are still alive and kicking. Even bought a few more today to average down.