Ann: Renard Project Update, page-276

PEA i think. think the scoping study has been skipped in preference for the more detailed version, but I am not sure.

I dont entertain the greenfield study, although I am aware that its to be completed for regulatory reasons, the numbers will be too good for Renard.

The last announcement was a sneak peak imo - you can effectively price up the parts and review the environmental elements of the tailings pit. There are no concerns about processing at Renard. Adina will be a quarry.



After PEA i expect a strategic will be brought on board. These studies have to be independently signed off, so the likes of POSCO, ECOPRO can be confident in the details - I look at LG and Liontown for the deal they did as one outcome.

I have no issues about the road, I did some reading and Renard is connected to the 167 by a 90klm mine access road. Thats why they are required to maintain it. The 75klm road to Adina will be a mine access road, PMT did it for their 20klm road, numerous examples exist. Until the 167 Wr1 could haul whatever weight they wanted, then reduce to 40t loads for 300klm to Chibmougamou. By 2027 60% of all fleets in Canada need to be EV. So, transports costs can be re done after PEA.