Ann: Becoming a substantial holder Tolga Kumova, page-97

I feel we should put some ' meat on the bone ' by presenting the argument with a more balanced perception and with substantially more facts....

Of course we should first state that HC is not the place or platform for dispensing financial advise - However it is a place for learning from others , and even ' Blind Freddy ' should be able to see that we are in another phase of a longer term ' continuing ' Bull Run in commodities - in particular Gold , Iron Ore , and perhaps now the EV metals again.

And what you say is true the some of the Players from 2-3 years ago got completely washed out in the last ' Euphoric ' move in Gold and other commodities like Lithium , Nickel , and Cobalt. And we are only now seeing some of these bounce again off albeit higher levels than the initial lows experienced in 2016 & 2017.

So your thesis only portray's half or less of the complete picture or story here in regards Gold. .

As in 2017 , you could rotate and play off any Lithium , Cobalt , or Graphite play , and it didn't matter which one , if your rotation was timely , you would make buckets of money. And we saw the same phenomenon regarding the gold ' Conglomerate ' story as well with the only difference being it was much shorter lived on the spec end of things. And all the while this was going on , the larger producers were posturing around the ' under utilized ' gold production capacities in various high profile jurisdictions.

So now we're clearly in another Bull run in Gold with a clear focus on proving up the increased requirement for expanded recoverable resources. And why not as not only have the economics for Gold been obviously ' massively ' improved , but the Geopolitical uncertainties and macro economic issues which underpin the appreciation in Gold have also increased.

And at the end of the day Tolga know's this , Sprott know this , I know this , the broader market seems to know this ........and you sort of know this with your recognition that it happened 2 - 3 years ago. And this is why I am taking the approach of Investing and rotating in ' Pairs ' if not ' Triples ' around projects. And because I recognize both the inherent risks as against the likelihood of substantially increased returns from this approach. Once again this is not Investment Advice , but simply only one strategy which in my opinion works.......