Ann: December 2023 Quarterly Activities Report and Appendix 4C, page-6

An encouraging report and I do like the positive cash flow (although not enough real income to budge the dial) and maintenance of cash reserves which indicates they are poking along, and surviving. In order to thrive through, the many irons in the fire need to take off:

• Uranium projects
• Water projects in Australia and internationally. (A small Townsville plant does not make for a $1/share business)
• China technology projects
• Tailings treatment projects
• Lithium projects

For those to thrive, they need acceptance and subsequently funding. We're not out of the CR waters yet, however, IMO it would be quite warranted (and I'd say raising at 60c is a better deal than raising at 35c, so watch and see if the SP heads that way ). My position has long been that this is at least a 10-bagger if it all unfolds and that needs to be funded and resourced.

The leadership team are running at 1000 miles an hour to do the strategic scene setting, dreaming and scheming - I hope there are enough worker bees (and cash) following up and executing. Also maintenance of focus on all these many initiatives would be challenging for a large company with deep pockets and resources, let alone a small one with only a few resources to call on.
Hope we don't bumble along for a few more years at 50c/share whilst we wait for a miracle, still, good work CNQ.
GLTASH