Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-44

Thanks JGPM,

We are all beautifully positioned in the most critical commodity with the most undervalued, leveraged, advanced (aka-borring) de-risked copper developer on planet earth.

I challenge anyone to make a legitimate case for better value business, backed by massive copper price fundamentals / optionality than HCH !?
I also challenge all the critics to nominate their right (comparable experience ) to judge CE. Jolly Geo is qualified and has a legitimate point of view.

I am proud to report that HCH did not let any of us down. They were focused, hungry, ambitious and easily the dominant (and most envied ) exhibitor at what is arguably the number one Natural resource conference. Envied because it is very hard to compete with HCH’s status as the most “de-risked” - Top 10 Developer. NO Water NO Mine. If the market does not agree they are simply innumerate.

While LTH’s may understandably feel fatigued, this fatigue is a challenge to remain focused on mathematics not narrative. I can assure you all, CE is a resilient focused MD. Actually he is obsessed. Do not underestimate his and Jose’s capacity to deliver.

What we must all focus on is the finish-line of de-risked value. PEA - PFS - DFS - Finance. This takes time. Our personal time preferences are irrelevant. The best news is the “sprint”. Despite nay-sayers, the change in DFS time-line is highly significant in risk reduction and quicker than previous announced value creation time line.

Also completely unnoticed / unvalued by the market (not that surprising) is the valuation of water rights, off-take (thanks JGPM for comparable off-take $), precious metals streaming / royalty funding options. Watch this space !

Value (regardless of bad markets and subsequent flat share price) is created by the reduction of risk which translates to more certainty around catalytic value milestones (PEA-PFS-DFS-FINANCE) as we get closer to the NPV. Eventually justice / price should prevail in an inevitable stronger copper market.

Patience ;-)