Ann: Quarterly Activities Report, page-16

I was encouraged by comments in the quarterly around the tightening of the concentrate market. This is not surprising considering the issues at Codelco, the closure of the Panama copper mine and the current state of play where there is little incentive to bring new supply into the market. We now have very small inventories on historical basis as the world has trended to a just in time supply line.

I expect we will see a bull market in copper commencing early this year.

A1M is a standout in the miners with a significant upside considering its asset base and growth strategy.