A1M: General Comments, page-523

No, sentinel. Rushing at mine construction is not in holders' best interest.

Mine financiers live on over-eager juniors seeking early starts using debt, with greedy off-take agreements and onerous debt terms. A1M is at a critical juncture: if it performs this next leap well, we will all retire rich. If it succumbs to the siren song of quick and dirty finance, I sell.

If AC & team - who are as enthusiastic as you are to begin digging - wait on better FCF from the snowball of richer ores, concentrator improvements and higher copper prices, more attractive terms will be offered for proven performance.

Please understand I am NOT advocating nil debt or no equity raise. The sweet spot lies somewhere within these many variables.

I do expect something like $25m retained earnings, a $25m cap raise and $50m debt. These numbers can be fiddled up and down a bit, maybe 1/3 each. Current cash of $23m is their working capital.

A1M has exploration and definition drilling to perform on both Jericho and Eloise - essential work for scoping the orebodies and for finance.

I dont expect an early start to the box cut unless the price of copper goes berserk on insatiable demand.

Warren Buffett: “The stock market is a device for transferring money from the impatient to the patient.”

Ash