Ann: Opuwo Exploration Update, page-45

hi white

though I agree we should be doing a minimum spend on Opuwo at the current cobalt price. I don't think doing nothing is advisable. cla need to keep the licences in good standing. this often requires you to show you are progressing the project, % of local content and engaging with the country stakeholders ( I.e performing small scopes of work/studies to improve the projects viability at lower prices) and also performing some cheap exploration on some of the other prospective parts of the licences (surface samples - assays will be due shortly) see if they are worth holding/costs... this could pop up as good as a new project or a way of reducing overheads. we have spent a lot of money to prove up a large, strategic cobalt resource. it's not dead, just on ice. a great asset to have in the back pocket for when cobalt turns on the ground swell of EV demand in a couple/few years... or when we can get a good price for it.