Ann: Retail Information Booklet, page-16

At the mining or biotech development end of the market, a SP below CR price is very common.

Remebering that JRV was in the 7s before the announcement, retail speculators have been pantsed over the last 7 months and are (naturally) now scared of the capital required and the uncertainty of a positive outcome. This is precisely the JRV position today, despite the fully underwritten raise.

I recall very similar circumstances with a 4c LYC raise (old money price) about 8 or 9 years ago, and PDN 11c raise in 2019. Both rasings were woefully under water with retail take up, and fully supported by institutions. Look at their prices today.

I am not expecting another LYC or PDN outcome for JRV. However, the possibility of a 5 -Disallowed over the next 2-3 years is real if the stars align for cobalt/nickel prices. With all producers facing the same financial challenges, it wil be those companies with either positive cash flows or access to capital that will clean up i.e the big boys.

While it is not my base case, I would not be surprised if one of the global producers move in to take out JRV, as soon as (or IF) commodity prices move favourably. M&A is almost always on the cards in this space. Anyone in the precious metals space will be enjoying the profits from cash rich producers soaking up small single mine developers/producers, just as happened with lithium over the last couple of years.

I believe new technologies and new materials will come, but existing tech will take a long time to be replaced. Although different in scale and sunk infrastructure, the fossil fuel energy replacement program will take many decades to complete. In my view, nuclear always was part of the solution, though its time has not yet come.

JRV sit in that space in my view which is why I find myself needing to be both an aggressive buyer at today's prices and patient for tomorrow's, willing to sell along the way.

GLTASH