Ann: $11 Million NSR Royalty Financing, page-18

Thank you Arsenic for this. Re the future copper price, I agree with you that this may remain at current levels (or go lower) in the short/medium term, especially if there is a global recession. IMO the future price direction is a bigger risk for small producers carrying debt eg. AIS, G1A etc rather than for a developer like NWC (depressed pricing may delay Antlers development however it's unlikely to send NWC broke).

Longer term, IMO the outlook for the Cu price is very strong so I'm looking to invest in the next crop of potential Cu developers. IMO NWC stands our amongst these since it's market cap is relatively low, it has a substantial and relatively high-grade resource, jurisdiction is attractive etc. Also, I view the investment by the 2 separate industry investors RCF and Trident Royalty as very positive and bullish - these co's know better than most about commodity investments and they have chosen and allocated capital to NWC.

GLTA & DYOR