enamco, page-5

Starting to get a better look of certainty. Getting the government participation aspects firmly in place will be a huge plus.

Our 60% in a project 40% backed by the government has a much more robust future imho than a 90 or 100% with unclear government enthusiasm.

With our EV now teetering just under the $100 mm it seems easy to me to see plenty of upside, and once the government firmly on board much less downside.

I hope the next capital raising is also solely from existing shareholders, I'd hate to see dilutionary share placements in the near term. Would only like to see project share go to a party that brings something very substantial to the table, then ideally no more than 10 of our remaining 60%.

EL