Ann: Half Yearly Report and Accounts, page-6

Yes, the Juruena upgrade is imminent, and will no doubt increase the value, and not much longer to wait for a core update on the first hole of the giant potential copper-gold porphyry.

The great thing is as Dr. Tunks once said to me is that we have 3 viable projects:

-Brazil gold-Juruena

-Brazil copper & gold

-Butcher' Creek Western Australia gold

and we are not dependent on any one of them to make or break the company. Butcher's is a cracking expanding project. Juruena is a high grade deposit getting bigger, and Tunks has said he would like to mine both of them in 2022; so they underlie the value at the moment.

If we discover a giant copper-gold porphyry, or the hydrothermal source of the eptithermal high grade gold at Juruena and copper at Crentes it will be the icing on the cake, and a game changer that could potentially increase the market cap by multiples. Then we are talking about large tonnage with intercepts of hundreds of metres of copper-gold where the mining of one metal pays for the mining of the other. No guarantees but the geological vectors demanded this target to be drilled.

Copper is becoming more valuable by the day as the electric vehicle/energy storage revolution takes off, remembering that there is 4 times more copper needed in an electric vehicle than one run by an internal combustion engine, so demand is predicted to outstrip supply, and of course the bull case for gold longer term is strong.

AIMO