Ann: New High Grade Zone Discovered At Mount Hope - 71m @ 1.1% Cu, page-72

Pros:

- Lady Fanny - nice deposit, good grades, shallow, good metallurgy (but limited scale atm)
- IP somewhat successful in detecting copper (but also several misses on large IP targets)
- Prospective/large under-explored tenement package

Cons:

- ND looks uneconomic, limited 100m strike, higher grades start at depth.
- Mt Hope Central - deep weathering/oxidation of the high grade zone will likely result in poor recoveries making an open-pit problematic, strike of high-grade zone only 100m-200m atm.
- Having multiple small-moderate sized deposits (vs a single large deposit) is not desirable from a development/takeover perspective due to logistical/engineering/processing/economies of scale issues.
- Management - have lost credibility by over-promising and under-delivering over the last 12 months. Yes, they got the share price humming during covid mania with big adjectives in their titles but results since have not matched the hype, and selling large parcels of stock on two occasions after hyped-up announcements isn't a good look. Hard to trust management who continually and deliberately omit the "true widths" in their exploration results.
- Overvalued imo - with an EV of ~150m, there is significant blue-sky already factored into the price for their stage of exploration compared to similar peers, and therefore will need to keep producing good exploration results to keep the share price from slipping.