Ann: Presentation - Euroz Hartleys Institutional Conference 2023, page-30

In my defense with HMX I raised concerns when it was 10c plus and kept sliding and each drill result was poor. So far with CNB which I hold more than most would the last 2 mount hope results have been poor and in fact disguised S good results when they were in fact back towards the main pit. Other areas seem to be quiet so not much else to go off.

When it comes to a CR people also need to realize you can’t control the market conditions. If we see copper drop substantially, global downturn and we are at 50-60c and they need money there is not much you can do. You can’t force the SP to be 25% above the last CR price.

Anyway JORC soon but don’t hold out hope as such a foreshadowed one expectations are built in and HMX have a large Kalman deposit and ain’t done much in years.