Ann: Significant increase to JORC Resource at Salinas, page-157

Yep - just keep in mind it's a CEO's job to be optimistic and upbeat.

FYI, here is a table showing some basic comparisons of JORC tonnage and NPV against market cap. It shows that the market attributes $7.29m of market cap for every MT of JORC tonnage (for LRS). We also currently trade at just over 14% of our $3.6bn NPV (seems incredibly low given we look very likely to be a Tier 1 deposit that will produce 2 years from now).

Producers like CXO and Sigma and near term producers like LTR have their spod valued at approx 2-3x what ours is (which theoretically leaves room for 200-300% market cap gains for LRS over the coming 12 months - assuming we hit timelines and assuming the world doesn't fall of a cliff and spot prices stabilise etc.

WR1 has the lowest valued spod (although it's probably because they didn't bother to report a JORC until now - currently in TH with JORC today or Monday).

Some explanatory notes: GL1's study shows $2.8bn NPV but was based on a $2,500 spod price. Within this study it suggests the NPV moves to $1.8bn if spod prices move 20% lower (which they have), so I record GL1 at $1.8bn NPV, AZS market cap is recorded on a 100% ownership basis.