Ann: Change in substantial holding-ALY.AX, page-3

Hi C.

Before today I had been waiting to read about IGO's drilling programme for Neptune, but alas none was forthcoming. There was sign yesterday that nothing much had happened when IGO's QR did not mention this JV exploration at all. Others got mentioned.

So, today with the ALY QAR we sort of have confirmation of that and with no mention of the very important follow-up drilling that had been expected by now.

IGO says it will do some structural interpretation of deeper/surrounding (?) areas etc this Q and aircore drill next Q.

It's also expanding in to the Narracoota Formation Reefer Well area to the nth west - detailed ground gravity surveying.

It's taken its foot of the Neptune pedal it seems and that is very disappointing.

I suppose that there is nothing ALY can do about it either.

Then there is the continuing talk of ALY getting into something else re gold and base metals. A good ann there is the only way the SP can get a kick, but with BlueCrest apparently selling out, its heavy weight will be felt for a long time - unless it sells off-market in big lumps.

The Cash Q said that $27k was spent on exploration and evaluation last Q and with a budget this Q of $50k. Maybe something can be read into that. What exploration though???