Ann: Change in substantial holding, page-39

There's some wild swings in my portfolio over the last week or so. Lithium explorers/developers/miners are running hot, and others in related space, NVX/NMT/HNR running hot. Gold, copper and base metal miners going down along with IO heading the charge down. I think there is sentiment and momentum driving market rather than fundamentals. Copper and Nickel are lower risk bets than lithium in my opinion but it's lithium that is getting the capital flows. Wouldn't be surprised that in a year or two lithium stock tank like they did in 2019/20.

Gold and copper related companies appear very good value at the moment. Maybe not OZL so much, but OZL is lower risk than SFR. I hold both and see SFR as better value but higher risk.

If SFR executes Botswana and there are no significant surprises with MATSA SP will double or triple within 24 months in my estimation. Will consider topping up at these levels, very good buying. DYOR and be prepared for it to go down further and it is leveraged to copper price of course.