Ann: Operations Update, page-303

This time the macro conditions (beginning of a bull market in equities with the US Federal Reserve backstopping everything, a cyclical rotation into gas from historically low prices, rising geopolitical tensions between China and the US limiting supply and underpinning prices, a significantly stricter regulatory framework restricting carbon-intensive fossil fuels) are all more supportive now. We may also see irrational exuberance in equities bidding share prices to unprecedented highs. Mongolia’s Gobi is the last great resource frontier where exploration and mining can thrive unencumbered by demographic limitations such as high density urban populations or established infrastructure. And finally we are re-rating from an artificial low brought on by COVID.