Ann: Update on BBB 33 Evaluation and Bolling 4 Drilling, page-52

Hi All,

Have spoken with the company and a consultant in the helium industry (whose opinion I trust 200x more). Much more clarity here. Some good news and bad.

Let's start with the bad

This announcement is 100% bad news, appreciate the positive spin some are trying to put on it, but this really means Voyager's upside is likely significantly capped. Lower helium rates but more important higher opex in extracting it.

Now some upside. The vaccum solution is more viable and common in the industry than most of us thought. In fact the neighbouring property Red Rocks is producing with this very method.

The big X factor seems to be the associated pressure needed from vaccuming which will impact the cost per unit.

So it seems Voyager will be a modestly profitable project... not terribly exciting but it's something