Ann: Cobar Basin Drilling Results, page-7

There have been 3 negative pieces of news that have precipitated the selling, imo.

1. 'Nothing' at Dragon and Manhatten (Karonie) despite high expectations from many punters - CRASH!!

2. Breaker Resources' JORC disappointed many - ALY's Karonie exploration chances are strongly connected with BRB's Bombora success.

3. Nothing found at Black Range Tank or Rosedale in the Cobar Basin area.

Therefore, it's understandable based on those 3 things alone that the SP foundation seems floorless at present.

However!!

Positives!

a. Very low market cap.

b. Very early days at Karonie.

c. BRB probably will have a 1m oz deposit down the track, and it does look quite big.

d. Black Range and Rosedale were preliminary test holes as I see it, and not many of them either.

e. Wilgeena/Hermes South looks as if it will be an income source, sooner rather than later.

f. Overflow near Rosedale looks like an excellent target, drilling soon I suspect.

g. The new West Lynn ni-co area looks similar to Collerina Cobalt's Homeville deposit with resource drilling to happen later this year, so may = Homeville?

It is way undervalued imo!! Check the peer comparisons!