Canaccord Genuity Capital Markets Report 9th Aug, page-26

Hi Toasty,

Given the aggressive tone of your post ("As far as I am concerned this is a fail by management"). I am inclined to mirror it, however I will attempt to be unemotional.

Firstly, companies live in the real world with many moving parts and often are reliant on a multitude of stakeholders in order execute, evidence of this can be found in CR9's announcement on 16th August, "...high purity drill hole assays results will now underpin a maiden resource estimate for
Tampu to be completed by a world renowned consulting group, with results due in late September 2021".

On 14th September CR9 Management in their announcement regarding increased landholding at Tampu reaffirmed their view that the "Maiden Mineral Resource Estimate for the Tampu Kaolin Project results expected in late September".

Companies give guidance, it should be viewed as just that "guidance". If we are in here in a month/two months time and the company hasn't delivered the maiden resource estimate with a satisfactory explanation as to why, it would be reasonable to make an enquiry, to seek to understand why the JORC announcement hadn't been given, rather than jumping straight to judging management's competency.

Companies don't operate in a vacuum, shit happens, for all we know they may have it locked away but have chosen not to release it due to the state of the market this week...the announcement would have been lost given the state of the market.

Regardless, management have given us no reason to question their competency, rather they have acted at pace since listing, every announcement has re-affirmed statements made in their IPO or improved the projects value announcing higher grades and increased landholding (446% at Tampu).

Respectfully I would ask, rather than be premature to judge, you think before you reach for the keyboard!