Time. This ANN bolsters our stocks - however there is a lag of...

Time.

This ANN bolsters our stocks - however there is a lag of 12 months to see SW2 realised. We have Pebas, NiCo, SW1 (x 3+ targets) to get through before SW2. A massive amount of work/opportunity yet.

Everyone knows we are 1-2 weeks out from news on Auger/Sampling on our NiCo project. Price is always driven down (CTM) before results of this type are released. I see a real attempt to hit .011 before ANN.. This would have worked previously, however there are too many opportunists lurking to snaffle those low ball bids at close (me included!!) and sellers are willing to relinquish the volume required to pip down (IMO). Could also be DT's exiting after T2 or a lack of daily action, and they have no choice.

The other element to this ANN; the historical sampling results aren't headline making. A peak of 500ppb is not breathtaking, nor is a map nominating +125ppm or >200ppm grabs.. Pebas (for example) has historical highs of 1650ppm or so. I was personally expecting more given the promising ground (600-800ppm) - so lets see what the follow up sampling produces.

It is encouraging (?) Vale did not sample below the white dashed line, however the anomoly is also not largely represented there, however EM survey picks up conductors, along a fault line - cold be anything. It's along fault in the same geology - it has a good chance...

We do need to remember though, Vale sought to maintain this tenement, so there must be some value in it; unless Vale were wanting this out of spite, or because they see the value in SW1 (?!).

Our focus right now is March - then April, then June/July.

There is also a single line I took out of the ANN that hasn't been mentioned before and I found intriguing : The Serendipidade Prospect fits a copper‐cobalt SedEx style mineralisation model. The main targets are the N‐NNE structures that are interpreted to represent the plumbing system for the metal‐rich fluids and potential host to semi‐massive and massive sulphide mineralisation


Oh look, I just missed an opportunity at .011 because I'm typing this!! Dangit. :-(