Ann: Extension to Gold Lodes, Rebecca Project, page-22

Hi Bennybop,

I got set early on AOP based on their cash and assets and how undervalued they were.

Two Bombora projects advancing within spitting distances of one another. How do they compare?

For me the AOP project is travelling under the radar and is not being hyped by the company. Reporting seems very matter of fact. The investors are left to decide.

BRB have sold their Bombora project as the next Super Pit from the start and continue to run with this narrative. I frankly don’t trust their style of marketing of the project, placing such high expectations in the market place. If the market was really biting on the Super Pit idea the stock would be worth multiples of what it is now considering the amount of drilling that has been done on that project. Maybe the market has it wrong, I don’t know. The geometry of the deposit and grade distribution is too hard for me to see at this stage. They could end up being another GOR in the making, but I never liked that company either. GOR have been drilling for over a decade and their market cap has increased but their share price has done little. Bit of a recent spike into the 80cent range recently but I remember selling some of my GOR ten? years ago around that price. It’s been a long road for investors in GOR and I suspect the BRB Bombora project might become a bit the same. Market Cap increasing but share price going sideways.

AOP’s Bombora project, although currently probably smaller in “expected” resource size just seems to be hanging together well in terms of geometry and grade IMO. If we can get good grade continuity with extensional drilling or find a new high grade ore surface/chute, my belief is we will see a gold mine developed on this prospect and in all likelihood it might come faster than the so called Super Pit.

Not there yet as there is still uncertainty whether this will be a mine. This is reflected in the low comparative EV. The market has more confidence in BRB building a mine than AOP.

The good thing about uncertainty is that it is inherinently unsustainable. Soon enough the facts come to light and that’s where money is made (or lost).Esh