Ann: Appendix 3B, page-4

That is how Magna work. They still make money even if the SP is falling as they get issued shares at a big discount and then just push them into the market. The SP is only going to go down while the Magna financing is in place. It is interesting that the stated reason for drawing down the next tranche of funding was "to fund the preparation activities for the Isabel Nickel Project". Given nothing has been announced for months, there has not been a Mineral Resource released for San Jorge and Kolosori has not been given back to AVQ, just what preparations are they doing that needs $290K in funding? All that money is doing is paying management (RM) and overheads, while the SP gets hammered by Magna selling.