Ann: Ceasing to be a substantial holder, page-11

You could ask Rick directly. He's an amenable person and open to enquiries that are not personal. I don't see any evidence that he is simultaneously spruiking and selling at the same time; on the other hand it's not unusual to sell in a down market even though you like a company, because that company does not exist in a vacuum. Finally, I would suggest that he, as a sophisticated investor and speculator, has more irons in the fire than just CTM and may be shifting positions on the regular.

My own take is that a great deal of money has diverted away from commodities in general, especially Lithium and Nickel. The market is depressed and sentiment is low. CTM has failed to produce a DFS on-time twice. I happen to think that is a strategic decision and not incompetence. If the DFS is not delivered this time, it will be because of the macro-economics rather than anything CTM has failed to do. There is no point CTM committing to a mine if the cost of debt is going to be prohibitive and irresponsible. They can sit on the Nickel as long as they want, it isn't going anywhere. I don't really care what Sprott or Rick does, I make my decisions based on market technicals and fundamentals.