Ann: 2023 Scoping Study Alaska Range Copper Gold Project, page-17

Hi Jim, thanks for asking but I've never really looked at copper assets so I don't think I'd have anything useful to add here I'm afraid. The only thing I'd note is that Cu at US$8,500/t is still slightly above current levels. Gold at US$1,900 isn't conservative (in my opinion), that's basically near current spot price and most studies would be done quite a bit lower, say US$1,700. Likewise for Silver, using US$25/oz is towards the 52WH so not overly conservative (but I've never looked at silver either so I don't know what sort of price assumptions studies would normally work off). I also never look at companies this small so am unsure how the market would look at a Scoping study with initial capex of $223M versus market cap of $15M. So no real view from me - sorry but good luck! Cheers