Hi rob,I have a number of points (from Monday's announcement)...

Hi rob,

I have a number of points (from Monday's announcement) which I would like to run by you with regard to the GSR/CNJ MTJV "discovery" hole, i.e. MTRC011DA which revealed 78 metres of Scandium at 46.4g/t from 3 metres depth (this hole also had 15 metres of .45% Copper and .91% Nickel), as well as hole MTRC065D, which returned 45 metres of Scandium at 35.9g/t from 5.0 metres (this hole also had 8 metres of .54% Nickel)

1. By my reckoning, hole MTRC011DA is a new hole, but within the existing MTJV Nickel/Cobalt JORC resource. Am I correct? If so, most of the other holes within the existing MTJV Nickel/Cobalt JORC resource are highly likely to also contain significant Scandium grades and intervals. Do you agree?

2. IMHO, the 78 metres of Scandium at 46.4 g/t in MTRC011DA, is probably equal in value to a 78 metre interval of gold at 5-6 g/t. Am I correct?

3. MTRC011DA as well as MTRC065D appear to be both a real godsend i.e. with the high grade Scandium (as well as the Nickel etc.) commencing very near the surface, not only would this appear to significantly increase the NPV of the existing MTJV Nickel/Cobalt JORC resource, it will also very much ensure that the MTJV Project will definitely be a "surface" and thus low cost open cut mine. Surely this is a huge bonus for GSR/CNJ with regard to the economic viability accordingly an early income stream from MTJV Nickel/Cobalt JORC resource (which now looks like being a Nickel/Cobalt/Scandium/Copper resource).

4. With regard to the location of hole MTRC065D, by my reckoning this lies to the south of the existing MTJV Nickel/Cobalt JORC resource (but outside it). If I am correct, this could mean that the existing MTJV Nickel/Cobalt JORC resource will cover a far larger area and ultimately end up being a Nickel/Cobalt/Scandium/Copper resource with a far higher value than what was indicated in the PFS from 2020. Your thoughts?

5. IMHO, the original/historical MTJV Nickel/Cobalt drill cores were never assayed for Scandium. Thus, if they still exist (?), I expect GSR/CNJ to reassay them. However, if the original drill cores no longer exist, I expect GSR/CNJ to conduct an urgent and low cost "AC drilling" program as a form of "infill" drilling program, which would redefine/update the existing JORC resource and thus result in a much larger and much more valuable Nickel/Cobalt/Scandium/Copper resource. Your thoughts?

6. I have spoken to an experienced metallurgist, who is almost certain that the Scandium can be extracted as part of the existing Nickel/Cobalt process (as defined in the PFS from 2020). Thus the Scandium can easily be extracted as an "added-value" by-product. Having said this, the Scandium just might be a lot more than just an "added-value" by-product. Your thoughts?

7. IMHO, there are a lot of similarities to the Platina Resources "Owendale" Nickel/Cobalt/Scandium/Copper resource in Ivanhoe NSW. See link:
https://platinaresources.com.au/projects-platina-scandium/ Your thoughts?

8. It should also be noted that Thomas Abraham James (Director at CNJ) worked on the Platina Resources' "Owendale" project in 2018. See link:
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/rio-tinto-s-scandium-oxide-breakthrough-tipped-to-normalize-critical-metal-58816989

9. IMHO, I can imagine Thomas Abraham James together with GSR/CNJ undertaking test work as a matter of urgency, in order to prove that they can not only extract the Scandium they have clearly found in copious amounts, but also produce a 99%+ pure kilo or two of Scandium, which they can then present as a "finished product" to interested parties i.e. RIO TINTO etc. IMHO, this should be achievable well before year's end. Your thoughts?

10. IMHO, although it is very very early days, it occurred to me that the 78 metres of Scandium at 46.4 g/t (found in hole MTRC011DA), may be actually be GSR's/CNJ's MTJV "discovery" hole (much like GAL's Callisto "discovery" hole from May last year). In fact, it begs the question, whether the 78 metres of Scandium at 46.4 g/t (found in hole MTRC011DA) may potentially be more valuable than GAL's initial PGE discovery at Callisto. It also begs the question, whether the MTJV/Callisto tenements together may actually form a Scandium Province (rather than a PGE Province as Brad Underwood has been implying from day one). In this regard, I am sure that GAL will be reassaying all of their existing drill cores in order test for the existence of Scandium at Callisto. Your thoughts?


Summarising, IMHO, the GSR/CNJ MTJV "discovery" hole, i.e. MTRC011DA (which revealed 78 metres of Scandium at 46.4g/t from 3 metres depth!), is a real "game-changer" for both GSR and CNJ (and potentially also for GAL). Given that over 300 million shares were traded in CNJ on Monday (ca. 22% of the total number of CNJ shares on issue!), I am not the only major investor who immediately realised this fact. It is therefore quite possible that we may see one or more "becoming a substantial holder" announcements over the next few days for CNJ, and perhaps also for GSR as well.

Finally, up until Monday, it has always been GAL who has been leading the race with their Callisto discovery. However, since Monday, it actually may be GSR/CNJ who have hit the lead. If so, this may have a significant impact on future JV/IPO discussions between GAL/IGO/CNJ/GSR. In addition, perhaps other majors (like RIO?), just might also like to throw their hat in the ring (due to the Scandium!).

Thanks in advance for your input and have a profitable next few weeks and months.