Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Good little update, seems like progress is happening. The proof will be in the PFS (Q3-24), combined with some better understanding of the vertical integration potential (which is very similar to what our big brother up the road is doing, at close to 20x our mc). I suspect is largely broader sentiment which has us bouncing accross the bottom from a sp perspective - ie, the heat has come out of the 'renewables hype', EVs are not penetrating the market as quickly as govts and manufacturers expected (ie, Tesla announcement recently), and Twiggy pulling out of his hydrogen play (which i believe was intended for his 'green steel' ventures)..which may or may not weigh on our magnetite deposit. All in all - we've got some good, demonstratable progress catalysts coming up over the next 6 months, then 'dig ready' by mid 2025 (albiet, we'll need to be doing front end engineering design work for a plant, for it actually to be mined - which will require a BIG cr, and and some strategic partners). Slow and steady, wins the race. Patience.