Ann: Quarterly Activities Report March 2025, page-5

Nice interpretation - incredibly optimistic but, unfortunately, missing key points:
1. HAS has not 'derisked' the project - it simply failed to repay the Wyloo loan. This was a failure by HAS - not a strategy
2.A company with ~5M in the bank needs to raise ~250M to finance its interest in the project: Not likely in this market
3. The project has essentially been stalled for 2 years - whilst the village and airstrip is in place the key equipment is either in parts in long term storage or yet to be produced. Any quoted prices or warranties associated with these goods will have expired: It will take years to put everything back together. Of course, this would have to follow a significant hiring process as staff numbers have been decimated.
4. The Board, including its abhorrent executive chairman, remains on foot - these are the people primarily responsible for getting the company into this mess. I don't consider them capable of making sensible decisions to get things back on track.
5. Niobium is a red herring
6. Wyloo is essentially holding a rotting corpse - and in all likelihood looking to offload it to some patsy.
7. Project BPV is based upon a TREO basket price of ~USD100 - current price ~60USD: the project is uneconomic

This project is, for all intents and purposes, dead for the foreseeable future. The Board should go before anything else is done.