Ann: Exceptional Assay Results Returned from Falcon Lake Project, page-8

I have been saying this for over a year now, its a nice little shallow deposit/Its not the biggest around and it DOESNT NEED to be, we would raw feed the ore on the back of a truck. You would focus on the highest grade first, and with processing plants being built in this area, it puts BM8 in a good position.Low capex and opex, BUT none of this matters if it doesn’t make money. The spot price must increase, and it’s good we are working on lithium, but the cost is so high. Like I said, you have to put egos aside and look at cost vs benefit and focus on what’s best to limit a dying share price. You can say it’s all the lithium market, but this has traded terribly from the start, even when lithium was doing well. So, management needs to do a better job controlling the register. I give them a 1/10 for that.

We raised $6 million at 32c, and it went so fast.That cash burn was crazy. The costs here are high and must be managed better. $300 per meter to drill is steep. But so many also don’t seem to look at the importance of a shallow deposit and a good strip ratio. The cost difference between staying under 100m relative to 200m is a huge, huge difference. The results we had today in a big market would have been amazing. I remember when CRR hit 18m at 1.8 percent for the first time, and it absolutely flew and did a 100m day. We did peanuts today.

Is germanium or gallium the answer for BM8? I really don’t know and am not sure the market will jump on that fast. If it’s good, then you would expect larger parties to jump on. It’s all in the buying; no buying means it’s not working. Of course, you need to give it time, but if we are still around these numbers in 12 months, that’s a disgrace. I spoke to the team in January this year, and I said it looks like 2024 is done for this company. I could see where it was going, and I was told it would be turned around. Guess what? The price is lower now, so it’s always on reality and price action. We are all here for a moving share price, nothing else.

I’m happy to ride this out for another 12 months, and surely we will move by then. I don’t want to see us dump all of our EQN shares either, as at this stage, it’s the only way we move. Also, why isn’t Nigel buying on market? We have alll these profile big salary people, why are they not buying? David bought and that’s it. Maybe they are waiting for the cap raise. Nigel went in on CRR one. His buying and the buying of other key management people adds confidence in shareholders. All imo of course and those options i paid good money for have a 50c strike price. A lot of work needs to be done here.