What I would really like to know is, what is the next step. The...

What I would really like to know is, what is the next step. The support from C-Note holders was strong, so no "immediate pressure" there which buys time for PL to find the capital needed for the next step. But what is it actually?

1. How much needs to be raised and on what terms?

2. Is drilling the answer ... well I've said it before ...as an explorer the most likely way to generate "Alpha" (market speak for generating a return greater than the market or peer group average ... so if avg return from copper explorers benchmark group was 10% and FLG generated 20% then FLG generated 10% Alpha) is via the drill bit. Who doesn't like Alpha. I love Alpha . Half a dozen drill holes of 2% Cu with an intercept of 50m at Rosario and we wont be $0.04 but more like >$0.40. Not likely. But what's there.

3. So what is the cost of finding out the "size of the prize". Don't get me wrong, finding out there's SFA there will likely "kill us" - so got to have a Plan B as Tama Atacama is Plan C/D and RKLP is Plan Z.

What I'm observing is the market does not like balance sheet constrained narrow scope projects. But if the drill bit is in our favor and we can generate Alpha then FLG's access to capital quickly improves. And if what it finds at Rosario indicates shallow depth, high recovery Oxides via simple SX-EW to copper cathode, then that means low Capital Intensity to develop - which generates more Alpha than its peers and further strengthens access to capital. Well that's how its supposed to work - normally.

But copper is a commodity ... a very mature market ... with many market participants ... and capital always flows to the highest returns with the lowest risk. Here's a thought ... from Capstone Copper's Feb'25 preso



If I take their EV of ~US$6.09B and say the market thinks that Near term growth (all Chile really) of 100Ktpa takes 2 years to deliver - meaning production of 230Ktpa ... then by extension its worth ~US$26,500 for every tonne of copper produced. So little old FLG if it could produce just 10Ktpa of copper is worth a EV of US$265M ... and before you jump too high might have to double the shares on issue ... call it 400m SOI ... so US$0.66/sh ... but we might also have debt which reduces the MCap. In AUD$ terms though it could be 15X higher.

That's what generating some Alpha via the drill bit with an accelerated path to low capital intensity production might be abe to do for us.

The plan, the plan (left off the "e" ... Fantasy Island comes to mind). I doubt whether 10Ktpa of Cu cathode is realistic for an early target but 5 - 6Ktpa could be with scope to double. All depends on what we give up to get there.

Patience is hard to come by ... GLTA