Ann: Entitlement Offer Closes Raising $4.18 million, page-30

Back in April/May 2022, I tracked back through Chuck Bass’ share accumulation:

1. He started with 37.5m shares issued @10c in exchange for selling the original Silver Mountain project to EM2 in 2018 (still an asset of course). IPO issued 40m @20c.
2. FY19: he added 7.3m shares @15c when total SOI increased by 11.3m @15c
3. FY20: he added another 5m @15c when total SOI increased to 115.9m
4. FY21: he added 13.9m @26c avg to hold 62.9m at year-end when total SOI increased to 202.7m; co raised $15.5m in three PPs and $4.3m from option exercise
5. FY22: CB
- converted $1m loan to shares @78c
- subscribed 1.5m @65c in Sept ‘21 PP
- bought on market in Jan-Feb ‘22 to add 900k shares @61c average
- subscribed 2.2m @45c in Mar ‘22 placement (awaiting sh’er approval)

In total, CB held 69.2m shares by 22 May 2022, about 30%.

So here we are 2 years later.

US$5 billion + of resource in Tier 1 jurisdiction with permit history and a lot of discovery upside potential
Structural copper deficit driven by decarbonisation and AI
Over US$200m has been invested in infrastructure and drilling

Charlie Bass now owns c.106m shares (close to max holding allowed), incl 12m @ 16.7c/share in Feb 23, 21m @ 6c in recent CR and and continues to bridge any funding requirements

In May 2023, he agreed to lend $3m convertible at a floor price of 14c/sh by 31/12/24

375m shares in issue, AUD 22m mkt cap.

What is there not to like?

Long term shareholders were all early, too early, in spotting this but here we are now. Always wise to keep plenty of dry powder and average down if opportunity arises as project risk decreases. Ready, set, go.