Ann: Investment Protection Agreement with the Ecuador Government, page-7

Included in the Announcement:

The upgrade positions CEL's Ecuador projects an asset of significance with several commercial
advantages including.
▪ Significant Scale: The 100% increase in resources to 9.1 Moz AuEq creates a significant asset with
the project now containing one of the larger undeveloped gold resources in South America.
▪ Exploration Upside: The 9.1 Moz resource is based on drilling at five of the fifteen regionally
significant Au-Cu in soil anomalies located across the project. All thirteen Au-Cu soil anomalies
drilled by the Company have returned significant mineralisation.
▪ High-grade core enhances economics: 2.1 million ounces at 1.0 g/t AuEq, including 1.2 million
ounces at 1.2 g/t AuEq – provides opportunities for early production and strong early cash flow.

So
a. If 5 holes of 13 equals 9.1 Moz resource; then 13 holes equals 23.66 Moz resource (??)
b. Any divestment and has to be based on this assessment

For this assessment,? provide the disclosures and how soon?.
or do we head towards another dilution,