Ann: KRM RECEIVES APPROVAL FOR DRILLING AT THE PORSANGER PROJECT, page-74

A few catalysts here:

I believe the next catalyst is in Penikat, if no appeals taken up by the courts in the next few weeks we get the greenlight to do drilling in December. This will be a major boon for us, I believe the drilling campaign there will deliver fundamental value for us. We can really show scale there and drill much deeper to show the continuity of the deposit.

And then you have some Rana drilling, as indicated on the recent podcast, not much spend there I don't think, given the nickel environment right now. However good value in a nickel suphide project next to a port if we can show some results there.

M&A has been flagged before in previous announcements and interviews, seems to be a copper focus, not sure if or when, but something to be excited for if they can do a good deal. I expect that would take some time. I am on board with management's caution in doing it, I doubt they would want to waste capital on the wrong project.

BHP alliance, I consider it a free option. Greenfields at no cost to us really.

People forget the Wayy Linggo royalty we have. I am not sure when or if that project comes back into production however that is another free option if it does indeed start producing again. With gold in this environment a bit of money coming in would be handy.

Penikat I am the most bullish on, we can really prove that up and if the drills show it to be as consistant as we believe it is then I believe we have some bags. Would be nice to see PGEs recover around the same time however this is also a "will see". I bought for Penikat, so if we do not have any appeals I see this as a huge milestone as a lot of time and effort and capital has gone into the permitting. Hopefully we can get more of those ballroom structures discovered too. Could get a pretty big boost on the SP if we are able to say that we are drilling in December but time will tell really, need to wait a few more weeks by rights based off the appeal timeframes, this will get people more confident on the company I believe.

All thoughts are my own as always, GLTAH