Annual Report ML 22624 for period 2018 - 2019

Abstract

During this reporting period the proposition that ML 22624 be aligned and bundled with the tenement portfolio of Inminerals Pty Ltd (Inminerals) continued. Along with Inminerals we re-evaluated previous technical data of their project tenements and of this tenement to deliver an assumed best fit situation. It was thought that Inminerals tenements were well advanced and would commence development first. Not being overly satisfied with their performance it was decided to curtail the engineers involvement and seek alternative engineering options which of course meant starting the process again and was initiated. Working closely with Inminerals and the engineering process to achieve a best fit situation, and as it relates, after the prospect of some new technological advancements the most recent engineering flow sheet\plant design returned the same as had already been settled on. Reassured to know the flow sheet\plant design was correct the first time, it's a little disappointing there was nothing new out there. One of the main issues of concern to develop has been the lodging of a Native Title Claim application over an area of the Harts Range which covers a lot of the Inminerals tenement portfolio. Building a project, individually or combined like this is difficult in good times, with declining business conditions, and declining business sentiment everything just gets tougher. Add the recent Native Title Claim application over the bulk of Inminerals tenements and perhaps everything just got tougher again. Suffice to say, the majority of our combined internal resources in recent years was utilised in the corporate arena. A document was prepared and submitted to the N.T. Mines Dept. N.T. Investment Attraction Program. Inminerals Pty Ltd recently decided not to continue with their industrial minerals project. As their project and our project were considered best fit being bundled together the Clarence River Finance Group has of August 21st surrendered in full ML 22624.