Ann: NCZ GRANTED EXCLUSIVITY FOR POTENTIAL ACQUISITION OF GORO, page-23

Agree. There's an execution risk to this but the upside if they make it work is out of this world.

People will argue "they couldn't make NC work" but I would argue they did. They got the operations at NC into production and proved the 'cant float tailings' crowd wrong. The macro went against them when zinc collapsed and TCs rocketed. Yet, here we are... still in business with $60m in the bank, a CF+ operation and IGO as a major partner.

There's always going to be the macro risk with any mining venture (it does exist in this deal too) but the focus on strategic metals like cobalt and nickel is somewhat different. It's in high demand and its getting harder and harder to find Tier 1, exploitable resources.

I think NCZ have what it takes to turn this Goro operation into a major transformative deal for all NCZ SH. I am delighted.