Correct. A rerate is definitely in the cards. The lack of...

Correct. A rerate is definitely in the cards. The lack of communication is in part of, in their words, cost saving to bring back the entire assay and evaluate in Perth labs instead of doing in increment. Except, even after completing drilling programme, they should have 1-2 months of time to send assays back and evaluate. It's taking them more than 3 months for each drill program to provide an update to market. For a junior explorer, that is very lackadaisical and draws lack of empathy to shareholders.

The last rights issue, if you were to surmise, was Sprott's way of saying, "do this, or else..". We had a shortfall meaning non insto's, and your other 40-50% share holders probably did not participate in it, making the rights issue essentially Sprotts taking up majority of it.

As for their exploration technique, I think the endorsement by the North Americans,(Brent Cook and Joe), Sprotts, Kerry Harmanis, and Warwick speaks volume to the technical team.

However do keep in mind, that AQI is positioned differently than most explorers. As I've mentioned numerous times through my conversation with Travis, they are looking to stay as explorers and become project managers. I do not know how that translates to value, but this isn't like your CDV's, WAF, OKU's where they move into mine and then we can derive value. It's my understanding that likely when they find feasibility on the Arakaka grounds, they will let Barrick transition and drive the project.

Also, the capital raising came at a surprising timing. I've always thought they had enough funds allocated to move into drililng for Ianna. I am hoping that they do another acquisition and increase shareholders value because the current programmes clearly will be taking a longer time.



I am cautiously optimistic that the upcoming drill programs will bring some excitement. It's another downer that they are actually pushing the Ianna drilling all the way to December instead of doing it late August as they initially alluded start of year. Another possible long wait. That's the recurring theme, and the frustration comes in when you pair that up with poor communication, bad result, and gifting themselves freebies. I am going to make plans to see them in their upcoming AGM