Ann: CONSTELLATION DRILLING PROGRAM UPDATE, page-42

With half of my portfolio in miners, I can see a marked underperformance of the smaller players like AIS in the portfolio. There is definitely a rotation going from smaller players to the larger and more established ones.

I think it maybe be due to the high inflationary numbers we are currently seeing. The market is pricing debt at a more expensive rate moving forward and the smaller end of the mining town is known to be more capital intensive. This in turn puts a bit of a discount on smaller players like AIS.

The less than ideal quarterly and conservative guidance didn't help our cause either... So a bit more patience and a reign in of expectations is required here.