Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-32

I am sure that over 50% of HMX shares are in firm hands. Selling at current prices is pure dreaming.

Kalman already contains more copper, moly etc. than CNB's potential maiden resources. CNB has a market cap of around 200m. My opinion: If a) the Kalman update is clearly higher than the 2016 results, there is no reason why the market cap of HMX should be lower than that of CNB. I think 15-20c would be OK - but the market determines the SP, not me.

Besides Kalman, HMX has a lot of other prospects - I don't need to go into details now. Then there is the JV with Sumitomo and we have already breathed a little lithium air. A lot of fantasy could be generated here.

Without HMX, CNB will not get a crumb out of the ground in Mt Hope. Collaboration is a must - especially from CNB's point of view. My opinion. The boundary dispute is not as crystal clear as some thought. Presumably CNB shareholders are starting to realise this. Apparently, some nervousness is spreading.

Okay - I think that says it all. Let's just wait and see how the Kalman update comes out. Then we should wait for the minister's response on boundary dispute. I think HMX's reasoning in this context is at least worth thinking about. We might hear something from Hardway sometime in mid-May to mid-June. In between there will be a presentation by Dan - which he may use again to shake up the market (and the SP) after Kalman update.DYOR