Ann: Woodlawn Zinc Copper Project Acquisition Presentation, page-63

Had a quick look at Heron, and their whole approach to Woodlawn seemed a bit disjointed. The FS recognised exploration and conversion of resources was immature, and relied hugely on tailings. Seemed maybe they had their cart before their horse wrt capex and exploration, and then they had really bad luck with covid and commodity prices.

I am no miner but does look to me like a fresh disciplined approach relying less on tailings is appropriate. Sometimes you have to back the rider and not the horse. If you know the rider to be a good judge of horses and you know fa about horses then really it is the only way. Reassuring that he’s got plenty of his own money riding on it, and is putting more in at the CR price.

It’s new money he’s using, which has the added bonus of consolidating/validating our sp. If for some unlikely reason we pull out after the drilling campaign not an awful lot lost, a lot of optionality.

Also concur with the poster who was unexcited about the awaited services contract for someone elses mine, that’s not where the real money is.

I’d have preferred a copper mine to a zinc one with copper credits, but otherwise it looks like the right fit for what the team are trying to do. Bigger, better (and more expensive) things later on.

Expect to take up my allocation, albeit a bit insignificant.

Changing my sentiment to BUY on the basis of the current sp (but not necessarily on Mondays sp).

EL