Ann: Li - Au Drill Program Commences at Yandal Project, page-63

I would rather have a working crystal ball to predict the future. Mergers are always a bit like a box of chocolates - you never really know what you're going to get. Some are total losers in the end, others are great successes.

I have written a lot in the last 2 weeks and have also drawn attention to the topics of "perception" and "divergences".

Looking at the price action since the merger discussions announcement, it seems to me that HMX has moved from a perceived position of weakness to one of (relative) strength. I think a possible takeover of HMX is off the table in terms of possible corporate actions. The same applies to possible sales of tenements to CNB.

As Warren Buffet said: Only when the tide goes out do you discover who's been swimming naked.

Negotiations based on facts (and not perceptions) with the involvement of external experts in the context of such "merger discussions" will probably bring one or the other (pleasant or unpleasant) truth to light.

I am convinced that Dan (and the HMX team) are doing and will do an excellent job here. I know that Dan is very busy - not only with the merger discussions. It seems to me that there is a lot going on outside of these discussions.

All that remains is the merger, and I believe that HMX can (or has already) put forward more and more of its ideas. The development of CNB's SP could point to such a development. But it could also be that a merger will soon be off the table - and I personally believe that this would be to CNB's disadvantage.

I am still focussing on the "action" in March. Drillings as well as results. I already mentioned this yesterday. What I didn't mention: I took the liberty under 4c to buy a few more pieces. I see prices below 4c as funny and illogical.

About a year ago, everyone freaked out when someone was drilling for lithium (just look at the price action of lithium in the last few days or of companies active in this area). Now HMX is drilling for lithium and gold in Yandal (gold is also doing well at the moment) and all I see is a big yawn.

As for copper, I read the latest opinions yesterday. Which, of course, differ as always. The gold men (Goldman Sachs) have once again made me prick up my ears. Boldly throwing a 75% increase by the end of 2024 into the market as a possible "best case" outcome. Of course, there are also more cautious forecasts - USD 10 to 12,000 per tonne - not too bad either.

Be that as it may. I'm sure the next 4-8 weeks will be really exciting and I'm bracing myself for a roller coaster of emotions. It keeps you young.

I wish everyone a great weekend.

This is a chart since 5 February on an hourly basis.