Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-66

100% agreed, the further this falls the wider the price versus value becomes, I have been aggressively accumulating over the last few days as I believe retailers are being played here significantly and there is too much value on offer at these prices. I already listed our assets above and there is no way we aren’t worth more than 40 million dollars, even on a fire sale basis (imo). We have cash and cash equivalents (power metals stake) of 35 million (minimum) so apparently everything else is worthless. I beg to differ and am happy going against the market here. I don’t expect a capital raise at all, especially not at these prices, Chris isn’t silly and we have plenty of cash on hand to ride the storm.

I haven’t bought this much stock in Winsome since back in the early days, just pre discovery of Adina. A bot has been driving down the price and hitting stop losses and driving fear and panic selling imo (see below), this party wanted the opening price tomorrow to be the lowest possible so they can do the same thing tomorrow.The party doing this wants to drive down the price to 1) a strategy to accumulate, 2) lob a takeover bid on market where they say they have offered a premium to the ‘market price’ - seen it many times before but in reality they aren’t overpaying at all, they are really trying to secure a bargain, of course doesn’t mean we have to accept it but just flagging this is what I have seen or 3) To use this as a tactic in strategic negotiations to try and bully us into a deal as the party will be saying look at your share price this is what terms we want from a deal arrangement perspective, it is all a mirage though.

Chris is no fool and will be attuned to the above tactics and I know for a fact the extension of the option was to buy us more time to possibly do a deal with a strategic partner, in my opinion it will be with the likes of a company such as Rio Tinto or Leo lithium(a big player with purchasing power, deal discussions take time, normally 6-12 months so not surprised re exrension ), the foreign investment rules in Canada preclude Chinese ownership so you can rule them out.

We are currently in discussions with multiple parties and therefore management dont have the ability to buy stock on market due to accessing price sensitive information. Chris has said we will not be bullied into doing a deal and if it doesn’t make sense long term then we will drop the option, we will then revisit the Renard option when lithium prices improve. Based on Chris share purchases on market historically I have no doubt if he could buy on market, he would be buying at the moment (imo).