Ann: Major Copper-Gold Drill Targets Defined at El Pilar, Cuba, page-13

Agree Sir, though might point to the wider market in general and note that few believe there will be a tomorrow let alone next year in any sector at present.

Unless there is cash or cashflow now on which to hang your hat the market is seeing everything like Chicken Little. LTR being the one to look upon when making the point.

So as long as we're not burning huge amounts of cash (and yes I know someone will have a go at exec salaries etc, we get it) on infill drill programs then I'm confident enough that the back half of 2023 will look somewhat different to now.

It depends on how one perceives & attributes value I guess & in doing so asks of the question "is $18m MC worthy of the current potential v risk or is it somewhat undervalued?"

I believe it is, although I admit on initial entry I saw a porphyry and an options expiry deadline of 30 Apr so did expect to be higher than where we are by now if I'm honest.

Thats the thing about the market, fundamentals can improve whilst sentiment deteriorates and with it goes your short timeline to a reasonable gain.

Current catalysts for me are;

El Pilar & now Gaspar confirmation at depth
Probability High (Based off every indicator & 3D IP modelling)

La Demajaguar favourable DFS
Prob Med-High (Mainly due to Macro variables)

Arbitration Costs awarded by court
Prob Med - High (Strong contractual position but it's still arbitration in an international tribunal hearing so never guarranteed)

Copper deficit is here now and will continue into the years to come.. Vale announcing intention to triple Cu output from 230Kt to 900Kt per yr isn't a punt by a Tier 1 just in case.

El Pilar is identified in journals as a porphyry, the same for San Nicolas 4km to the North. Gaspar & East there of wasn't as readily recognised before but is now.

So what you have over that area is a number of plumes rising up off the one source & ergo another Escondida type play.. Albeit on scale not yet fully revealed & hence not comparable in size just yet.. But definitely comparable in lithology and geophysical classification.
Superleached caps (Alteration) which effectively hide the Cu porphyry below and a secondary supergene Cu Zone at depth which effectively pumps up overall Cu grade.

So whilst Brian & co have been kicking sand, so to speak, ol h8teys quietly more than tripled his holding to a nice round divisible number & now eagerly awaits the 3-1 options..

Christian used Grasberg in the first release calling out El Pilar over 12m ago for a reason I'd wager ;-) Have a look at the upper level red oxide comparison of the two prospects & the similar alteration styles)

To quote the cute little kid on Instagram who looks before replying, when his mum says "it's just a goat" .... "nah", he says before pointing & emphasizing "it's a *#*#ng goat" hehehe

Will put the Escondida / Grasberg comparison up a bit later for any who may have missed it.. GLTAH h8tey