options still being taken up?, page-33

Hi esp,

whilst I would not rule out a sale, it is still very early days and in my opinion, CNJ would be well advised to establish a JORC resource before they enter into any discussions at all with a potential buyer. With a JORC in their back pocket, they would get a far higher price.

Having said this, I favour the JV route i.e. joining forces with a major in a say 80/20 JV where the major is doing all the work and CNJ are „free carry“, would add huge value to this project.

Shareholders should also be aware that if CNJ decides to goes things alone, developing a JORC resource would take at least 2-3 years, and in order to finance this major undertaking, and in difficult conditions, CNJ would have to undertake a number of additional CR‘s.

It will be very interesting to see how the CNJ BOD plays this.

Cheers.