Ann: Scoping Study Commences at Horn Island, page-27

AQX waiting on assays for 20 drill holes, average depth of 202 meters that extend 100% owned open pit target. That will extend the resource by several drill lines away from the center of the open pit. Also waiting on 13 drill holes with a much deeper average depth of 353 meters that were completed as part of the 70/30 JV with SBM. IMHO multiple gold hits across both programs is worth a ballpark 3x current stock price of 2.9 cents. My sense is that Horn Island gold may extend further, richer and deeper than a near term 3x valuation upgrade. Good luck to all longs.