Ann: Corporate Presentation to Investors, page-25

Hi Magic
All ASX juniors progress projects and turn them over until one reaches a point worth progressing to mining, this is both the nature of and the mandate of exploration companies. Sometimes decisions to turnover are made due to geology, sometimes due to changing political or native title landscapes but the trick is to make these decisions after sufficient data is accumulated and before the bank is broken either via cash at bank or via share dilution.

Ore sorter is easily taken underground in pieces and put back together or hung upside down under winder if light enough. Steinert make a variety of sizes including a 1m wide one that easily fits on one container and they can fabricate smaller ones. Norton is about to go into production with an ore sorter, which was only delayed by entry of the new Mantle BOD.

Mantle hit the GFC just when Mt Mulligan was kicking off. The old Mantle successfully got an ILUA up for Mt Mulligan but GFC killed funds to progress fast enough. Old Mantle also got first ILUA up with Gurnai/Karnai TCs for their Bairnsdale gold project but also its Latrobe Valley area coal tenements and those were first NTAs in VIC since the new VIC NT agreement structures.

Before the GFC Mantle had a portfolio of exploration projects in VIC, NSW, QLD and NT on multiple projects ranging from Gold, Silver, copper, uranium, phosphate, coal and CBM. It survived the GFC, got into brown coal which got SP up, and then shed exploration projects, kept only JORC resource projects (Granite Castle, Great Britain, Bacchus Marsh and Latrobe Valley

Mantle then acquired advanced gold mines with JORC, ML’s and big upsides with low cost and fast to production fundamentals and high grades, Norton, Morningstar, and optioned Bellevue but that was killed by the new board, we’ll Barraket actually.

Your views do not reflect the real historical drivers of exploration companies, nor the external factors.

GLTA KRUM