Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-42

Hi Arsenic

Very pleasing to see the foot off the SP throat. Is has been a pretty testing time over the last 12 months and I hope we can hold on to these gains.

I am quite pleased with progress since the AGM too.

Since the AGM, Mike made a sustained effort to get out there and promote. The comment he made about the share price being linked to Cu price is part of the reason for the improvement.

*, Samso, Next Investor and coverage and pretty lofty SP forecasts from 2 new brokers is also helpful.

The likelihood appears that the mine will probably target 1.2mtpa and make the business case pretty compelling, particularly if Cu keeps going past $10k per tonne.

I really like the permitting just announced, although only temporary, for access roads and footprint, speaks to Mike's comment at the AGM about having the right person, with previous experience and success in permitting in Arizona gives me confidence about the navigation of what is to come in permitting. If that person can get a gold heap leach permit just up the road, we should be able to get the permits we require.

I think gaining access to private land for water is also a good move and was also flagged at the AGM. We know there is a backup that can fulfil requirements, but a great idea to have control of NWC destiny in terms of water, if at all possible.

There's steady progress to come in 2023 and I am very happy to see NWC closing in on 12 month highs.

Waiting patiently for some results out of Rattlesnake, by perhaps July, We all would expect that drilling to start very soon.

What I have always liked about NWC is that Mike is very open with shareholders, has a plan and delivers, albeit with delays, which have been for perfectly good reasons, however frustrating that might be.

So yes Arsenic, feeling comfortable with the long game.