Ann: Change of Director's Interest Notice, page-8

@vigilante3 glad to hear from you. Amigo, I see it differently. The Chair and one of the directors have bought about 1% of ARR's shares on-market in the last little bit. And prior to that, the investor presentation stated that the top 20 shareholders hold 55% of the shares (that's my memory of it). It has taken a decade for Corazon to build its 100%-owned JORC-compliant resource which, IMO, will be developed. The metal prices are good and sustainable - the mining will provide nickel, copper and cobalt for the EV revolution. My estimate is that the existing resource has an in-ground value of more than US$4 billion, and Corazon has opportunities to increase that resource. The resource is in the form of metal sulphide, which has cheaper Capex and cheaper Opex than oxidised laterites, plus plenty of infrastructure already exists at Lynn Lake for the mine. It has taken about A$50 million of shareholder's money to fund the exploration and get the company to this point (and accountants will probably use that as a tax loss at some point down the track). That is the unfortunate reality for shareholders who are investing in junior explorers. Last year I was at a mining site in NSW and the Managing Director of a gold junior told me that he would buy property as an investment rather than buy shares in his own company. That is a cruel insight, but it is the nature of exploration - there are something like 900 junior explorers in Australia and only a few percent will have a resource that can be developed. A rule of thumb by old-time prospectors is: of 10,000 prospects, only 100 will be worthy of drilling and only 1 will go to a mine. The point is, anyone who invests in junior explorers is playing a very tough game, and no one knows how things will evolve or when. For me, the JORC-resource is the insurance that minimises the risk that a company will go belly-up, as some juniors have done recently. We know that the building of a JORC-resource, as Corazon has done, causes the shareprice of most companies to decrease for a few years during the orphan period, simply because in-fill drilling is boring and, as a result, trading is not as volatile as at the discovery stage. Alternatively, the easier way to invest is to focus on big companies which pay a dividend, then take tax-payers dollars in the form of franking credits. As Roy and HG would call it: "bludging on the blind side" (and that is a topic for another time.) Nevertheless, investing in juniors is much better than gambling online, or throwing your hard-earned down the throat of a poker machine. What is more, 50% of metal discoveries are made by the juniors! I'll stop rambling now and finish by giving my opinion: Corazon's shareholders are due for an upgrade of its metal-sulphide resource and all the signs are that Corazon is about to go to the next stage and, if so, the shareprice will rise from the orphan period, and quicker if things go well in the forth-coming drilling campaigns at Fraser Lake and Miriam. Good luck my friend.