Ann: Daily share buy-back notice - Appendix 3E, page-38

Interview notes, I knows it old, most notes are on the Lithium but good energy. Anyway. Thought I'd share what I took down. Time lines are relative from the interview date so obviously they have missed all the Lithium stuff.


- Estelle gold flagship (growth strategy), Thompson brothers lithium (cash flow ready), JV with Newmont in AU
- Company started by Avi and Louie (invested 2M of own money)
- they want to take Estelle (Nova) the whole way to production
- Dealing with Chinese for lithium offtake, for the Chinese they need to make their cities livable (electrification) - 600KM away is the Tanko (SP) mine and producing caesium but have a lithium concentrator at the mine. This is where Thompson Lithium comes in (capacity 250K tons a year).
- Plan is dig it up like a quarry and train it down to Tanko for cashflow

- Tanko wants the ore, 100 to 250$ per ton for the ore.
- 100$ X 250K tons = $25M up to 62M$ (dunno what costs would be, probably need to look at the strip ratio). But some decent cashflow somewhere there.
- how are you gonna get money to dig up that ore? (For Thompson Capex is $5M to 10M (build a snow road, mining and shipping down to Chinese partner at Tanko)
- Scale, will have to see what capacity is at the Tanko concentrator (which needs to be recommissioned, could take 12 months).
- No idea about costs yet but hopefully in next 12 months, the lithium could potentially help pay for the gold project but we will also look to spin it off as Snow Lake resources... Nova owns 70/80%
- 8M tonnes of 1.4% at Thompson in "dyke" 1, but there are 3 other dykes which have potential. DSO offtake is best option right now.

- at Tanko they'll start with a 10k tonne bulk test, they have done some preliminary

- Estelle gold project Nova started in 2018, geophysics found 4 targets, A, B, C, D
- they'd like to partner with someone like a Kinross, everyone wants that but it's hard to convert.
- Kinross has same style as deposit, same rocks etc - low cost, bulk mine 600 to 800 dollar cost per ounce etc

- RPM has historically drills 120m at 0.8g and 50m at 1.4g
- Gold project in AU - none core asset - didn't bother taking notes

He mentioned he flew 24 hours on economy to the conference. Went to lengths to say they weren't a lifestyle company, they want a 20/30 year mine with 30M ounces. Pro mining jurisdiction etc