Ann: Investor Presentation - RIU Explorers Conference 2023, page-21

The “we are undervalued compared to our peers” statement is getting very stale.

However what keeps me going is what lies ahead:

1) Price of Gold

Despite this recent fall the overwhelming majority are predicting a much higher POG as the year progresses.

2) Resource upgrade/ Maiden Reserve

We have been promised this before by our former CEO but this will be released, presumably into a buoyant gold sentiment environment.

3) PFS metrics

A PFS with an increase in production ounces (Vs Scoping Study), an immaterial increase in Capex and a rising POG could make the expected profitability of Youanmi phenomenal and hard to ignore by the market.

Although there are other gold projects out there with good economics the one metric that I cannot see any other company competing with is the low projected Capex. For a low market cap aspiring producer this low Capex is a massive point of differentiation which makes RXL very attractive.