Ann: Wapatik Project Update - Nickel-Copper Ultramafic Intrusion, page-6

Agree Lex

Market definitely asleep on MRZ at the moment, particularly with only a market cap of only $21 mil. Announcement re mineralised ultramafic saw share price rise to .47 then selling from cap raise saw if fall back to current level. Suspect Peloton the primary sellers.

Discoveries of ultramafic intrusions grading at surface are extremely rare in this day and age. Previously unrecognised, with no previous exploration or drilling. These are usually the most exciting!!! To grade at surface suggests a fertile magma given nickel/copper usually separate and sink in sulphides to lower portions of an intrusion. There is significant literature re key features of nickel - copper sulphide systems and this one is ticking the majority of boxes in a big way.

· Mineralised Archean ultramafic’s

· Sulphur rich country rocks as per announcement

· Gravitational settings/traps located near/at base of magma channels as per 3D magnetic inversion in announcement

· Hi MgO values – as per announcement

Plenty of companies with market caps 3 x’s looking for these intrusions 200-300m below surface just hoping for a semblance of mineralisiation and we are grading at surface in commodities that are at multi year highs. Not to mention that Wapatik is primarily a gold-copper exploration project and we are yet to see those field sampling results along with Upper Eastmain greenstone belt campaign soon to commence. Not sure I see too much downside risk at this stage!!!

Further, the genuine excitement from our JV partner/operator Azimut, as mentioned by Peter Ruse, is surely telling particularly given we have earn in to 70% v their 30%. CEO of Azimit, Dr Jean-Marc Lulin states that Wapatik can create a lot of value for Azimut (market cap AUD $138 mil) as it is representing a very attractive target. A 40 year career in geology, his track record speaks for itself.

The below presentation from Dr Jean-Marc Lulin refers to Wapatik at both the 29 and 51 minute marks. Analogousto Noront’s Eagle Nest Nickel discovery which has just been acquired by Andrew Forrest’s Wyloo for approx. AUD $680 mil. As he say’s “no certainty but a very robust target”.

https://www.youtube.com/watch?v=H7gJLzZAwBk

All this with Michael O’Keeffe at the helm. Imagine the press if we happen to hit the “holy grail”. Suggest results of EM’s approx. 3 weeks away with drilling close after.

GLTA
Danash