Ann: $11 Million NSR Royalty Financing, page-16

I attended the NWC AGM. Four investors there including one special one.
Key points.

• Asked about more frequent updates. He said pointless because if they have nothing material to report it can be counterproductive. I.e H/C posters will say “what did you post that for".
• The increase in leases are. Very prospective. It's mostly undercover but they have showings at surface. They have been trying to buy it for 18 months.
• They need the extra land because to increase the tonnage mined, they won't easily be able to do it from the existing planned mine. I.e. They would have to mine down.
• The water line (buried) is what they need a federal mine permit for and it will take 18 to 24 months plan for 24. Expect to lodge mining permits by end Nov. Won't release drilling results piecemeal can be misleading
• The representative of RCF was there. He had to leave before the very end. Acknowledged he and Trident had looked through mine permitting.
• On Cu price (my major concern). Tony Plogalaise said

1. Thinks it’s caused hedge fund shorting.
2. Groups like Trafigura will find it hard to deliver into their longer contracts because of that shorting.
3. He looks at S. American producers and sees production from that continent “crumbling".

• Mike Haynes said that the project is relatively less sensitive to Cu price and is multi-metal too.
• They both think the metal being produced will be in high demand for sweetening lower grade higher impurity concentrates from South America.

There was a lot more we actually taled for close to 2 hrs total. I wouldn't necessarily consider new but will likely respond.

all IMVHO.