Ann: Corporate Update, page-2

Questions arise now that FQM is no longer JV partner.

- Will FQM cross trade their holdings to another party?
- Will CVV find another mid-tier for another farm in agreement?

With around $500k in the bank and expected burn of $250k this quarter, they will need to raise more cash soon. At what price will this be done at - we will find out soon enough.

With 69M SOI, they have good room to run. I wonder if the Board will do a nice little discount raise to look after their tight-knit group including the infamous Bob Healy.

A CR at 4.5c will give an EV of $3M, arguably a touch above pure shell value.

Final question will be: is it likely for copper to run in the next 12 months? We will see.