Ann: Citronen Project and Financing Update, page-100

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ranger08

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13/08/22

18:38

Post #: 63097823
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Originally posted by MAB73: ↑

I think the comments about drilling and site works were more about….well, we won’t be starting construction next year after all because we won’t have FID early enough, so what else can we productively do next year to improve/progress the project so we aren’t twiddling out thumbs. Contrary to other opinions, I suspect there is plenty of money raisable for modest drilling and site works next year and it may be productive in the long term, as long as the EXIM and LNS technical parts get approved subject to equity.

In the end the dilution will be irrelevant once the project goes ahead.as the money would have been spent anyway at some stage. As long as the spend is productive I am not concerned by that aspect at all. The geologist wouldn’t be recommending further exploration in the area if they didn’t think it would be worthwhile and this is something we have known would probably be beneficial for many years but was to my understanding held off as being an unnecessary spend in the short term given what has already been proven up. Cost benefit wise, firming up an even bigger reserve might be enough to get the equity across the line if they have better line of sight on the extreme long term value on offer here.

What is potentially more concerning in terms of future delays is that we don’t really know if the BFS costings are still realistic / albeit more than covered by currently high zinc prices. Re: equity for the project, time will tell - it’s entirely possible that the Ukraine situation and Covid supply chain issues will be resolved in another 6-12 months and equity appetite will return. Zinc isn’t fashionable but it is necessary, this will get funded within a year or two imho, so I am holding.

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agree with you about “what can we do in the meantime “ ie infill drilling and expand the resource
im actually all for the drilling as this could very well prove to be the second largest zinc deposit in the world
more resource and a longer mine life adds value to the project, also some of the outer drills holes had a higher percentage zinc component

I would be pissed if mj sat around and did nothing, they should be drilling over the next few months imo

IBG Price at posting: 1.9¢ Sentiment: None Disclosure: Held
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