Matt Bohlsen, Seeking Alpha Post on ARL PFS, page-26

Mellhurst, thank you for your balanced view.

Let me add one very positive thing in my considerations for ARL,
and for that matter AUZ as well, when compared to CLQ.

If I want an investment that was SOLELY BASED on Ni, Co, and Sc, and on nothing else, then stocks other than CLQ are better; because CLQ has a lot of other interests outside of these metals. As a pure ni-co-sc investment or speculation, ARL and AUZ are more suitable.

As a matter of fact, as PURE nickel-cobalt-scandium investments, I think ARL and AUZ are possibly superior to CLQ from that narrow point of view, if one wants nothing else considered, and is searching only for companies that will respond to those three targets.

Now I consider CLQ's other interests to be very strong in their own rights. They are not distractions, but they reduce CLQ's reliance on ni-co-sc. They make CLQ a strong and diversified investment. In my opinion these other interests also make it unproductive to compare CLQ to other spec miners though it is impossible at times to exclude them from conversation.


I believe in the sector enough that I am willing to take positions in more than one ni-co-sc developer.
I want to select the best ones. Hence my interest.