Ann: Corporate presentation on Boda, page-52

Hi Jacob
The key point with Boda is that we need to identify zones of higher grade mineralization. The last drill results were generally low grade (and at first glance not commercialIy viable), hence the sell down of ALK stock. There are lots of exploration co's out there with massive deposits containing huge quantities of metal, however if the grade and economics do not stack up, they can remain undeveloped for decades. Examples that spring to mind are MLX's large Ni project, RXM Cu project etc. Don't get me wrong, I'm hopeful that Boda will be a game changer, it is certainly large, however we do need to identify some high grade zones that will support Boda's commercial development.