Ann: Regional Exploration Update - Bryah Basin, page-10

I have perused the 2 QRs.

Cash R

I did not know what to expect money-wise, but sort of feared the worst. However, I was pleasantly surprised to see that as at 31/12 there was about $4.5m in kitty. The budget spend for this Q is $950k. I always add about 25% to the budget estimate, but it's still a pretty healthy situation.

Activity R

There is nothing new here that I can see as it has all been reported (standard).

However, 2 tenements have been relinquished. Comparing with the Sep Q news they are both in Morcks Well and are small/smallish.

However, 3 new licences have been acquired. One is in Cashmans. Interestingly, the other 2 are at Chunderloo - small areas though. So, what's 'the go' there eh?

Doolgunna

There is no new news about this valuable tenement - as advised by me before.

Below is the Bryah and Yerrida map showing SFR's tenements, either fully-owned or JV'd or farmed-in. It's an enormous parcel of land gradually accumulated beyond the original DeGrussa tenements over the past few years. Talisman, Enterprise,  Sipa, Ventnor and Great Western all accepted various SFR offers. Thundelarra (close to deGrussa) did too but that deal was scuppered by someone (Bill Richmond) who had a pre-emptive right. . Auris' Doolgunna  remains unviolated though, and you have to wonder why! Look where it is? What's it worth to SFR? Imo, it's worth a lot of moola!