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.

[held]

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.

Drilling Uncovers Major High-Value Rare Earth Discovery

Derek Carter and Peter Reid may have stumbled on a potential Rare Earths Discovery on their Comet Project. I was expecting Gold/Copper announcement so a bit surprised by this news even though there were hints of REEs from earlier drilling last year.

I don't know much about the rare earth drill results so can't comment on the significance or if this is a buy.

I've held a small portion for more than a year to see if "backing a good jockey" with a provenance of discoveries work (the pair was part of a team that discovered Challenger and Prominent Hill) so it's good my thesis has been vindicated.

Share price rallied more than 100% intraday.

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.

Sale of Gold Assets to Outback Minerals (Skarb) and In-Specie Distribution

One-off distribution which will be paid after the 16th April if I am reading this correct.

Petratherm Company Presentation

Company presentation

https://stocknessmonster.com/announcements/ptr.asx-2A1265535/

Petratherm is headed by Peter Reid and Derek Carter, the group behind the discovery of Prominent Hill.

Originally founded to develop geothermal energy in Australia, the company switched strategy last year to mining exploration.

Will they discover another Prominent Hill?

Slide 8 has a brief mention of the little known FMG Big NE Copper project.

Please note: very low shares on issue so highly illiquid