Q1 - 2024, page-56

Yes, all good and true points. 2026 is still a while away so the really meaningful catalysts are a bit later but that doesn’t change the thesis. It can still go lower but I’ve experienced time and time again that these companies can turn on nothing. All it takes is one insto to show some interest and then this becomes a 5c share with upside to 9-10c at commercial production. At that time the HC chat becomes about wishing we bought at 2c.

I will say that there is an opportunity cost with holding but my expected per annum return here will be well above my portfolio return for an acceptable level of risk so I’m ok with holding and buying during these periods. But it’s definitely not for everyone and you need to have high conviction.