I think this quarter report is exactly what most of us wanted to...

I think this quarter report is exactly what most of us wanted to see. Obviously we all wanted to see huge assays and offtake agreements that push the SP up to 10/15c but in the current climate I think this is foundation to the forward trajectory for the company:

Comprehensive Mobile Metal Ion (MMI) soils program and UAV-borne Magnetometry Survey
completed along with the capture of LiDAR survey and orthometric imagery around the large
spodumene-bearing outcrops in the Northern Prospects area of the Mavis Lake Project
(Gullwing and Tot). With a strike extent of more than 8km of known LCT-Type pegmatite clusters
identified, and results pending, the potential exists for a district-scale discovery.

So the northern districts are looking good but still more results pending

Pegmatites at the Gullwing-Tot Prospects are located within an E-NE trending cluster that extends
over an approximate area of 0.8-2.2 km by 8 km. Geological mapping, litho-geochemical Mobile
Metal Ion (MMI) soil sampling, as well as LiDAR and airborne-magnetometry surveys were
undertaken to develop and refine drill targets

The trial with Optimum sorting looks to lower OPEX and streamline efficiencies

Samples of ore will also be subjected to an ultra-violet (UV) laser-based amenability study with
STARK’s technology partner, Optimum Sorting. This innovative technology detects spodumene
directly and offers unique opportunities in the production of spodumene concentrate by
separating spodumene from the un-mineralised host pegmatite.

The removal of mined waste rock and gangue minerals in the coarse, dry beneficiation stage offers
tangible operational benefits including increased mineable tonnes, reduced haulage, lower
energy and water consumption and associated emissions, reduced grinding and milling capacity
requirements, improved feed grade consistency and plant productivity and reduced tailings. The
test work program commenced in December 2023. Initial results are expected in Q1 2024.

They touch on the lithium market

During the Quarter, the US Government also released rules that provide full tax credits for electric
vehicles with locally-sourced battery materials and components. Vehicles containing raw
materials such as lithium and nickel supplied by a foreign entity of concern (FEOC) will not
necessarily qualify for the tax credit. Suppliers from countries such as Canada and Australia who
can demonstrate they are not controlled by a FEOC will not be impacted.

During the Quarter Exxon, the largest US oil company, announced intentions to move into the
lithium industry, with plans to become a leading supplier to the industry by 2030.

In late December, S&P Platts reported minimal buying activity on the spot market, the Company
notes that low volume buying currently seen is seasonally the norm at the end of the calendar year
and leading into the Chinese New Year.

Recent announcements by operating lithium companies advising on reduction/cessation of
production provide an indication that current pricing is likely to be at unsustainably low levels.
Platts has reported similar views, with non-integrated refineries in China assessed to be operating
at a loss.

During the Quarter, the Company received a total of CAD$200,000 under the Ontario Junior
Explorer Program (OJEP) grant funding scheme.

This last one is the promising part for the near future. I am hesitant to suggest they will get through the whole year without additional funding but you never know I guess, they might be on contingency measures to make it through.

The Company ended the December 2023 Quarter with $5.5m, cash fully funding work
programs for the next 9 -12 months.

One thing I do find interesting is that I didn't see any mention of the MRE upgrade in the Ann.

Main Zone Exploration.

Drilling continued through the Quarter with a focus on resource growth
within the Main Zone. Assays reported during the Quarter confirmed and extended the recently
discovered Swell Zone. When integrated with previous drilling results, they show a thick, high-grade
mineralised structure, starting from surface and extending over 1km in strike length and sitting
oblique to the current Mineral Resource Estimate (MRE).

After incorporating historical drilling, the Company has now achieved tight drill spacing
(approximately 50m spacing) across the deposit. Much of the Swell Zone mineralisation sits outside
the current MRE for Mavis Lake and presents an immediate opportunity for Resource growth.

As well as extending the primary mineralised structures of the Main Zone, the drilling completed in
the Quarter consistently intersected a lower zone, which comprises thick, high-grade mineralisation

The entirety of the lower zone sits outside the current MRE, and its discovery has the potential to add both tonnage and
grade to Mavis Lake deposit.

This newly discovered pegmatite represents an enticing exploration target, with promising
opportunities explore its trend and connections with neighbouring pegmatites.

The 2023 drilling program concluded in mid-November, with final assay data still outstanding. The
pending results, along with target generation work at the Northern Prospects, will be used to inform
and prioritise exploration plans for 2024.

I know that this is one of those posts where I have just taken everything from the Ann and chucked it in the thread but I thinks its good for those who don't have the time/want to go through and read it in its entirety