Ann: 2023 Annual Financial Statements, page-11

Gary - have you forgotten? There might have been a very good reason to put the Junction Dam uranium project on the back burner for 10 years - remember the Fukushima earthquake in 2011! That killed the uranium price as Nuclear energy became a very dirty word again! The steep rise in the uranium price from 2006 to 2008 to a high around US$130 saw a boost in exploration and production which soon reached something of a supply/demand equilibrium and had the price back down to around US$50/lb. Another rapid rise commencing in mid-2010 saw the price in February 2011 at US$70/lb and but then after the Fukushima nuclear plant accident in March 2011 it declined to a low of $18/lb in late 2016. With the energy crisis/clean energy/softening attitude to nuclear energy, an upward trend began again with a slow rise until at the start of 2023 when it has now begun a more rapid rise to a price to US$65 and pushing towards a price last seen just prior to Fukushima. The month before the Fukushima radiation leak the Marmota share price was 10c within 18 months it was down to 3c. It was pretty obvious that Marmota obviously had to look elsewhere at that time. Now is the right time to take a renewed interest in Junction Dam and again raise the profile of this deposit. Who knows Boss might want to make an offer for it in the future particularly if their current exploration program fails to increase their resource as they hope.