Ann: Secured Notes Provide $1.32m Cash to Fund Operations, page-25

I think that I am your average type of guy. I can add 2 and 2 together and get 4. Sometimes I get it right and sometimes I get it wrong. Sometimes I miss something and sometimes I misread something.
I first found CLE when I was looking for a small junior <$50M that had a really good project and needed money. I could refer said company on to someone that could provide some funds.
CLE was different. It had a MC of $10M and assets of $10M. I did a referral and got my first rebuff re the management. In the meantime, I could see that CLE had done two things. (1) they had acquired the rights to Block 103 and (2) they had acquired the services of Paul Berend. So I researched both.

Block 103 had virtually come to a standstill with the drop in the price of iron ore. As did its neighbours. But its viability had been shown. The killer was the capital required to get it out of the ground and onto a ship. The majority of the ore was magnetite which needed concentration before shipping compared with DSO. Iron ore has since recovered. But another chess piece has entered the market. The EU has woken up to steel manufacture adding 2 tonnes of CO2 for every tonne of steel produced. And to combat this, every tonne of steel will incur a penalty no matter where it is produced unless it can be shown that there was less CO2 produced in the manufacture. This could easily be 200 Euro per tonne of steel penalty. To reduce the CO2 emissions, the steel companies must start with a higher quality product. Hence, Block 103 (Iron Bear) and its higher quality product (>69% FE) would no longer be competing with the run of the mill DSO iron ore with a premium, but be a product in demand in a different field. Once committed and in action, the steel manufacturers MUST buy this product. CLE has since obtained 70.6%FE with <1.2% Silica. Even a better product.

Paul Berend was headhunted and has come on board at a salary that is significantly less than what he could ask for. Why? He has been given plenty of incentive options. Thus his overall remuneration is performance based. You don't sign up for that unless you know that the objectives can be reached.

What are those objectives. The options tell us that the first milestone is $0.003 by 5 December 2024, the second is $0.005 by 5 December 2025 and $0.001 by 5 December 2026. 3 times share price, 5 times share price and par with share price. Question are you going to pay for options at the same price that you can get them on market? I predict that the share price has to be 0.006 by December 2024 and maybe significantly above this.

Back to the MC asset backing. EUR was then at 10 cents. But Tony was doing everything except cashing these shares in. I then researched EUR and saw that they would rocket once the merger happened. I saw that the merger was not a case of if but when. All the actions of the BOD supported this. I could see that instead of a $10M asset backing, there could easily be a $40M asset backing. The research was calling 70-80 cents for EUR at the time. Then I thought why buy CLE when I could buy EUR directly. Even better, B options.

I did more research and found that Iron Bear has logistical problems and found that these logistical problems can be solved. The resulting CAPEX problem can be justified. So I have been buying CLE. At 0.001 the bargain of a lifetime.

Since I have seen what has been happening with the share price manipulation. There is excessive selling sentiment which has to significantly change for the share price to rise. I have come to the conclusion that there will not be any organic growth in this stock. The company is getting on ticking off the milestones and suddenly one day they are going to do a rug pull and announce that they have done a deal as they shown is their intent. Then we will have those that brought and those that wished that they had brought. I do know that CLE will get a speeding ticket.