Ann: Drilling Commences to test Multiple Copper Targets at Mt Isa, page-23

I had a short email exchange with Dan last week. I think you have to be aware that other miners and explorers are also performing poorly YTD. This is also true for our neighbours, for example. The macroeconomic environment is not overwhelmingly bullish. It is unclear where China is heading.

So the performance of the SP is frustrating - that is not in dispute - but it has more to do with the general environment and less to do with the progress HMX has made in 2023. From a rational point of view, HMX 2023 has probably delivered the most solid results in the last 2-3 years.

Kalman - and even if many don't want to hear it - could become a "stand-alone" project. Special attention should be paid to the results of the drillings in the EM conductor north of Kalman. Right around Kalman there is always a lot of area that is only lightly explored and could be good for surprises.

The drillings are going well - even if the progress is slower than expected. As usual, one is dependent on the laboratories and there seem to be delays here.

Besides Kalman North, the results from Mascotte West (EM conductor) plus the follow up drilling results from Hardway, Mascotte and South Hope are in the pipeline. So we will probably see one or the other result in the next few weeks. Kalman North and Mascotte West (both interesting EM conductors) could hopefully deliver interesting results.

The Yandal drilling programme has been delayed due to changes in heritage regulations. Historical samples from this region are currently being re-analysed to see if important indicators of the source of the lithium may have been missed in the past. The drilling around Mt Hope will be finalised first before turning to WA. Which probably makes sense.

I think Sarg has summed it up well: It takes patience. I added to 5.2 and 5.3c last week. I might round up a bit more in the next few weeks if the SP doesn't go up. I know from experience that such phases can last forever despite good results. This requires not only patience, but also a strong belief in the case.

I follow a few other miners/explorers and have noticed that the activity in the forum has decreased everywhere. This is also in line with the rather low volumes in the market in general. The mood is just not very good at the moment and as Masanga writes, these can be phases where you can buy in - if you want to.

Nevertheless, I understand very well that many are frustrated here. Maybe rightly so, maybe in a few months everything will look different again. For my part, I'm waiting for the next round of results - and the Yandal (Lithium) air core drillings - I'd also like to see what they spit out in this 10,000-meter drilling before making further "considerations".

DYOR