Ann: Hermosa Project Update, page-16

https://hotcopper.com.au/posts/67804225/single

The 16/5/23 presentation holds clues on GK & team's current thinking and strategy.

I expect a major announcement soon on FAST-41 for Clark, anticipating the US Government granting S32 up to 1/3 of initial capital cost to get the Mn operation underway. Huge for S32. The US will expect Clark to be fast-tracked, partly what they are paying for.

Zn is also on the Critical Minerals list, and here are early indications Taylor may get US assistance too:

Taylor’s feasibility study is expected in H2 CY23, as we undertake additional engineering studies to align the development schedule for a permitting process under FAST-41 and incorporate current market cost estimates. (slide 11)

While that refers to an expedited development schedule, a grant for Taylor is possible.

At a minimum, Hermosa production will be brought forward, to holders' considerable benefit.

This is a globally significant orebody on which S32 is chancing an arm. US assistance reduces risk A LOT!

Ash