Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-84

If we're relying on someone to invest $100m in BSX to facilitate purchasing a new nickel mine when our MC is $15m in 2024 or even 2025 when they're going for peanuts and shutting down all over the world then we're stuffed. If Australian nickel miners won't invest in a European Battery Passport legislation compliant refinery to process their ore in the low cost jurisdiction of Vietnam then the odds of Canadian nickel going there are not good unless Canada Nickel buys the Company cheap and does it themselves. We need to shut it down and come back later if Australian investment, backed by Government to the hilt, cannot be arranged. The nickel industry is a charity case now and the employment of Aussie workers in an election year, or immediately prior, are key to success as is establishing a secure battery supply chain for Australia for the future. Japan, Korea don't care about that and if nobody else does either then we should strip it bare and shut it down, come back in a few years. Shouldn't sell it, it's still got a bright future when the macroeconomics suit and global conflict has petered out and we'd get nothing for it at the present time. Wabowden is ridiculously overpriced in this nickel climate, the entire world would laugh and laugh and laugh if someone paid $100m for a nickel mine in 2024. Think we could sell Ta Khao for a decent price now? It would be hard to give it away without a refinery and Australian nickel needs a pCAM refinery. In my opinion. If BSX isn't taken seriously in Australia we need to look at why that might be the case.