Ann: December 2022 Quarterly Activities Report, page-22

The short version
Investors and speculators have to understand that BRB is under new management.
That happened with Peter only we did not see that at the time. The undercurrents had been there for some time - obviously.

Things will move much faster now. The drilling over the past year was focused on Tura which is only at an "initial study" point and the rest of the oz's in the UG to the north are underestimated as I have explained before. Yes not many ounces yet but those studies are not out yet either. New management is no doubt reviewing and questioning and testing everything in order to make sound decisions in the context of new market conditions.

Context changed too. Market for Li companies and gold companies changed over past two years, while industry cost pressures blew out impacting many companies. Not just BRB.

The Manna sale set up this next phase of BRB that is yet to unfold. I have a different view to some because I am far more interested in gold than Li. Remember the uranium boom - stirring again but all of these market moves are cyclic. I see the money. That is why I liked the sale in some respects. Would I have liked BRB to have cash flow and to diversify with Manna - yes probably but there are pro's and con's to the big picture.

Tom was under pressure to get a mine going and did his best. Take one failed in a sense, big pit strategy - scratch that.

We know the structure (faults), fluid flows and host rocks are there over a very large area - mostly lightly tested. The geochem outlined many targets for follow up and that would have turned out, in hindsight, to be the optimum strategy.

BRB have lots of money with 24c cash backing, reduced cash burn and wide open prospects. Studies will soon quantify the current viability of Bombora ahead of material changes in the price of gold.

Shareholders will make their move based on their own beliefs and parameters. Just as they should. HC is brilliant when open honest discussion takes place.

DYOR and GLTAH CW