Ann: Waste Dump's Lab Results for Aggregate Use, page-33

Kontrol zero good will :
It is correct to say that the price of gold has recently been uncorrelated with the price of junior gold explorers

1

2

4

. Despite gold prices reaching record highs, junior gold explorers have not seen corresponding increases in their stock prices

2

4

.Several factors contribute to this disconnect:

1. Market challenges: Junior gold explorers are facing one of the most challenging periods in recent history, with difficult financing conditions
   2
   .
2. Valuation gap: There is a significant valuation gap between larger gold producers and junior explorers. While producers are benefiting from high gold prices, explorers are still struggling to attract investor interest
   1
   2
   .
3. Delayed effect: Historically, there is often a lag between when larger gold companies start performing well and when that performance trickles down to junior explorers. This lag can be 4-6 months or longer
   2
   .
4. Risk perception: Explorers are seen as riskier investments compared to established producers, as they are spending money on exploration without guaranteed returns
   3
   .
5. Institutional interest: While some institutional investors are beginning to show interest in junior gold explorers, this shift is still in its early stages
   4
   .

This disconnect creates potential opportunities for investors, as junior explorers may be undervalued relative to the current gold price

1

3

. However, it's important to note that investing in junior explorers carries significant risks and requires careful consideration of factors such as management quality, project location, and financial stability