Ann: Company Update, page-43

As I said yesterday I strongly believe Mitsui & Co will become a significant stakeholder of somewhere from 10% to 20% of CAP as part of its off-take deal with CAP. I also believe Mitsui & Co will increase its funding packages to more than USD $60mil towards construction and more than USD $5.4mil towards BFS cost which is what it did with the last agreement before it decided not to renew the agreement to let CAP sort out its JV relationship with Pure Metals and increase its ownership of HAWSONS project to 94% as it is today.

I have seen so many similar-structure deals like this and most of the times they are willing to take the 10%, 12% or 15% stake at higher price than market price. Seen it numerous times at PLS with its off-take customers like Ganfeng, BYD,...or Toyota deal with ORE...This is what I believe CAP will do too.

If Mitsui moves back in, it will open the floodgate for CAP to lock in many more off-takes quickly from those who have signed LOI for off-takes of 14mil tons and from new steelmakers.

Major funds can not buy CAP stock right now because they are not allowed to by laws or by their mandates as far as I understand but they will when MC is around $200mil and above.