Ann: Wodger Drilling Update-Strong Visible Copper Mineralisation, page-44

The disappointment over AUR's maiden flight yesterday having to be postponed so as to refuel that occupied my mind yesterday has passed and I have now gathered my thoughts, which are:

1. The last App 3B says the co can issue without seeking sh approval, 22.9m shares under R7.1 and 29.7m shares under R7.1A.

2. The above Cash spend calcs done by me coupled with the cost of doing another diamond drill here very soon (expensive) which may not have been budgeted for means a quick need for money; so the refuelling is urgent.

3. The pre-auction trade of 275k shares (it looked a set-up at the time and I wondered about it then) on Th was probably VWAP related.

4. So I conclude that this CR is a garden variety soph investor placement so as to raise urgent cash - essentially for special Wodger work following the interpretation of the assays from DD1.

5. Details? Minimise the dilution before DD2 I reckon, but get enough to pay $300k to Ascidian prospecting by 7 July and working capital for say 2 months. My guess is 15m @7c =$1,050,000. I would be ok with that too.

6. Other thoughts - (a) no final decision on the competing transactions proposals until Wodger has been properly tested in this campaign and (b) although I had eliminated SFR yest as a buyer of AUR's Doolgunna, and still do as a buy by itself, I can't discount the JV of SFR and TLM having a crack at it. The $23m that TLM has raised from Taurus Mining Finance is for mining Monty, its 30% share. But it still has $13+m in the bank, so the money is there for an acquisition. and (c) the holding date to get the right to acquire loyalty options is 16 May and if all are exercised then this will be about the result in $$$ terms; 317.764m shares= $2.542m for T1 at 8c per share 20/9/17 and $3.813m for T2 at 12c per share 20/6/18. Money has to be paid to get these options but when it has to be paid is not known at this stage. Incentive to own as at 16 May coming?