Ann: Supplementary Bidder's Statement, page-6

I have been hot and buying Antimony for several months. Perhaps I should say why if it helps.

1. Antimony is on all the critical minerals lists.
2. China is the largest producer and user and has recently stopped the export of it because its mines are running out with production and grades dropping.
3. China is also world's largest producer of solar panels which consumes most antimony production (or nearly so, hard to get exact figures).
4. So China is conserving so can continue to produce solar panels.
5. Other vital uses of antimony include hardening of lead for strength in lead acid batteries and in bullets (imagine the explosion flattening the lead bullet - or squirting it out in a distorted shape) -- and in explosives, including in detonators. -- and in electronics.
6. The usage of antimony per solar panels is very small, about 2 grams per panel, which weighs several kilos, so its price is of little relevance to the end cost of the product. The antimony clarifies the glass in some way which allows the suns energy to pass through to the electronic capture layer on the bottom.
7. At present there is no substitute for antimony in this application, and because of the low cost carry through there is little incentive to find one. That China has acted as it has confirms this.
8. When making comparisons between different miners, or projects use cost per tonne of antimony (USD 46,000) and cost per oz of gold (USD 2,900), or roughly for our purposes USD 100 per gram. Therefore a grade of antimony ore of 1% (USD 460 per tonne) is Eq to a grade of 4.6 g/t gold.
9. As always grade is king - so calculate a gold Eq figure when making comparisons. 5% Sb is 23 g/t AuEq, -- 50% Sb is 230 g/t AuEq (yes there is at least one project out there with > 50% Sb grades from historic mining, see below).
10. It is easy to do the same calcs for silver, lead and zinc which often coexist with antimony. By the way, the name antimony comes from two Greek words translated as 'never alone'
11. Costerfield is Australia's only producer - as by-product of its gold. 100% owned by a Canadian company and with grade and a Cap which precludes it as an antimony play.
12. Larvotto has Australia's highest Sb resource. A gold mine with antimony credits, or if you do the calcs it is, or could soon be an antimony mine with gold credits. LRV.
13. Trigg has projects close to and even adjoining Larvotto - Wild Cattle Creek is interesting.
14. Equinox has a 100% owned antimony project in Canada. Historic production on a small scale saw tonnage exported at > 50% Sb. Samples taken recently go >70% - However - the outcrop sits on top of a snow covered mountain in the Rockies region of British Columbia, and even on the side of a precipice. An interesting one to follow. I hold and my investment thesis includes the view that the veins, whose dip is known, run down and could be accessed from an adit at the bottom of said precipice - so far no one seems to agree with me - which is normal. EQN.
15. Black Cat has a stand alone antimony deposit at Mt Chambers - which they intend to drill in 2025. I find it interesting they are not rushing in, maybe wait and see how much antimony pops up in the next 12 months. BC8.
16. Lode also has historic mines nearby Larvotto, and new finds there too. But Montezuma in West Tasmania is the prize. They could easily be first to production on a ML. Check it out and compare. LDR.

So go do some research - you will find Inca stands up to comparison at this early stage, and M. Cap after acquisition and CR will IMO be attractive.
Its grade, and potential tonnes and Cap and whose running the show which are important.

Cheers - not advice as always.