Ann: Investor Presentation - RIU Explorers Conference 2024, page-14

Ignoring other issues for a minute, we just need Tin price back into $40k+ range. We've had 2 spikes to that range when there were doubts about China's actual vs stated Tin reserves. $42k then very quickly back to $18k with a "nothing to see here, we have HUGE Tin reserves". At say $35k we can get interested again. Over $40k, and confidence it's reasonably price sustainable then we get finance from Toronto as most likely bet.

The other issues - Tungsten + others. The Tungsten is probably more than 25% of the deal here. AR has said a few times even more. So the sustainable bit is Tungsten, Boron and others to get the net profit workable if Tin price gets to a workable price, if not ideal. So they are working through that. Would like to see more support from the Feds there as Tungsten in on the AU USA critical list. I forget if AR has gotten anywhere there.

Tin has been on a small rise for a bit. Broaching $26k. But that's a long way off what we need.