Ann: Scoping Study 2022 Webinar Presentation, page-2

That was a decent presentation, it covered the key areas of the study and gives me some confidence that the numbers in the Scoping Study are based on what's realistic and not some far fetched bast-case scenario.

A few other takeaways:

1) The break even copper price for the project (all else being equal) is US$2.76/lb. So even if you view the $4 assumed in the report as overly optimistic, a mine doesn't suddenly become uneconomic at $3.75.

2) ~30,000m of drilling is required to get all the ore within the pit shells into the Resource category. Colin mentioned they are getting an excellent rate on drilling at $100/m. (So $3m to get the proposed pits drilled out, Colin also mentioned good productivity rates, so the time period to do this wouldn't be excessive)

3) The grade and size are not particularly unique (although there is still plenty of exploration upside), but they are clearly pushing the areas where Kharmagtai stands out - Good ESG, Mongolia as a "mining friendly" jurisdiction (plus the South Ghobi being flat and sparsely populated), good transport & energy links, close to a large customer, potential to move quickly compared to other projects.

This is still a speculative stock, but 2.7c has a lot of risk already in the price and loads of upside if they get a JV off the ground. As someone else said, what they currently have is certainly enough to put them on the Radar of potential partners.