Ann: Corporate and Operational Update, page-6

Interesting morsel from the Lakes reports. Re Enterprise North.

Lakes owns a 49% interest in this license with the operatorship and 51% owned by Armour Energy.
We continue to work closely with Armour on the exploration and development of this opportunity and on
it being drilled by mid-2023. We have received significant interest from industry players who are
seeking to leverage this opportunity with us via a farm in. Lakes will not be proceeding with a farm in
unless the terms are exceptional, as we have also received offers from foreign and domestic equity
providers to assist with drilling 100% of the opportunity.