Peter Reid presenting at the South Australian Explorer and Mining Conference on the latest Titanium Heavy Mineral Sands Discovery at The Muckanippie Project

Petratherm don't do many presentations compared to other explorers.

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Apologies on the earlier spelling errors. I spelt everything with a double "l"

Back to Iluka Resources again. Iluka owns the Atacama project in South Australia, about 200km NW of Ceduna.

It is a mix of Zircon and Ilmenite

This is significant because Petratherm's recent discovery is north of Ceduna.

Don't know but I get the feeling Iluka may be interested given the latest discovery is possibly higher grade Pseudorutile versus Ilmenite.

But I admit it is not close (perhaps 150km away from Atacama). And Iluka has their hands full with their rare earths processing plant. I think Gaurav Sodhi was positive on Iluka at $7 as well some time ago in Ausbiz.

That leaves the next suitor Rio, who have HMS operations but in RSA.

Finally I tip my hat of to Petratherm for persistence in trying different strategies - usually that is a big signal to run for the hills which I did but I have now come back. They did well to go to the geo library in SA to recheck some of the historic cores.

Will be holding out for the remaining 40+ old drill hole results in the next few weeks. If all these holes come up positive, then the potential for a Tier 1 discovery and significant JORC is likely and will attract interest.

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Some material for researching a bit more.while I work on doing a deep dive. There's lots of unpack as I don't know much about Rutile and Heavy Mineral Sands. What I don't like is the stranglehold on Titanium supply from China/Russia who are able to control pricing.

Really unfortunate I could not get the funds or the understanding when it dipped below 17c last week. This is a specialist commodity which I still don't have a handle on.

Sorry very image heavy

Terms to research: Rutile, Analase, Pseudo-rutile (Leucoxene)

Strike: 5km -8km???

Stepping out 1km so still too early IMHO but the market likes anyway!

Commentary on Met analysis

Some stuff from Illuka who are one of the largest produces of Rutile

Some commentary on Pseudorutile by Illuka to make Synthetic Rutile instead of using Illmenite?

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Last time I checked this was under 20m market cap

It is now 60m market cap but lots of dilution has happened!

Did not realise this when I bought recently with a small holding

What popped the share price was what looks like good met results from the Muckanippie Mineral Sands discovery in South Australia

Still early stage but I think it looks promising. Worth more than SFX (Sheffield Resources) which has a Mineral Sands project in WA but have had issues with production.

They are also searching for IOCG (Iron Ore Copper Gold) near Prominent Hill and Carrapateena (BHP) but the chance of finding something big is highly unlikely because good IOCG discoveries are very rare from what I have heard - unfortunately I can't find any reference to back that up. The Rare Earths in Comet is also not significant as it is not ionic clay.

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Summary of Quarterly update from Petratherm and thoughts

Updates on Comet Project - 3 new REE Prospect areas, with thick high-grade intercepts of REE mineralisation. Note: I believe this started as a copper/gold project but results were not great- have to go back to previous announcements.

Meteor Project REE updates - follow up drill results are expected in February

Muckanippie Exploration Licence (EL 6855) granted over a large anorthosite complex showing evidence for titanium, magnetite iron, rare earths and phosphates

Woomera and Arcoona Copper/Gold Project surveys and drilling in 1st half 2023

Peter Reid reappointed as CEO of Petratherm

Barry van der Stelt replaces Peter Reid to become Exploration Manager

Cash burn for the quarter - $333K

Cash at end of period $3744K

Some notes:

Enterprise Value: 16.85M - $3.744M = 13.1M

Really low cash burn. One of the lowest cash burns I've seen in any exploration co.

Proven management team that discovered and developed Prominent Hill (now owned by Oz Minerals)

Concerns:

Did a soph placement in Apr 22 at 10c which could cap the share price.

Shift from copper/gold to REE so are moving out of their competency in Copper/Gold exploration.

No update on REE metal recoveries from REE discovery at Comet/meteor.

Holders from the failed Geothermal project possibly still exist which would potentially further cap the share price.

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My last straw mentioned their were traces of rare earths in previous announcement.

This announcement refers to Mabel Creek, not Comet. Comet is further north of Mabel Creek as well.

In addition, I've gone through nearly all the announcements for Comet and they all mention Gold and "other metals".

So the announcement about discovering rare earths with consistent occurences on all cores is a surprise given previous results were all about traces of gold. Wondering what made them pivot to rare earths?

Bear in mind they used a shallow rig (RAB - Rotary Air blast) mounted on a Toyota Landcruiser. So more drilling needed to verify.

I'm also verifying whether the REE hosted in ionic clay as claimed in the last announcement makes sense or not given they mentioned saprolite.

To be fair, I'm only in this to see if they can find the next Prominent Hill.

Got my holding in Outback Goldfields about a month ago.

If anyone was wondering it will be an easy task selling the holding and getting the funds sent back to Oz, think again.

The shares are recorded through the Direct Registration System or DRS. Details are held by a transfer agent called Odyssey Trust Company who are like a share registry similar to Computershare. But unlike Computershare, I've been told that there is no way to sell your holding through them. You will have to find a stockbroker that deals with Canadian stocks and transfer the DRS paperwork to the broker. Then they can sell the shares on your behalf. There is also a $200 fee to do this.

So the hoops to get the funds will probably challenge even the most seasoned financial expert!

For now anyone holding Outback Goldfields just hope they get some decent hits so that value of the holdings can cover the fee.

Or hope that Petratherm finds the next Prominent Hill (Derek Carter and Peter Reid were the team that discovered Prominent Hill)

Inspecie distribution of Outback Goldfield shares.

This looks like a straight dollar for dollar distribution of shares (ie: Outback gold holding=Petratherm Holding). So I've received part of my Petratherm holding into my Outback holding.

So it looks like fair value in the end and the share price has fallen as predicted since trading ex-distribution. Only concern is how to work out the tax when one sells. Any tax experts might want to comment on this.