Ann: Winsome Resources Updated Presentation, page-19

When comparing with CXO it should also be noted that their resource isn't shallow and requires a very high strip ratio of about 13:1 from memory. At present their reserve total is still well under 10Mt which is also relevant. I don't think there's any doubt that if WR1 drilling can prove up 15Mt at good grades of around 1.5% and at shallow depths then there's every reason to also see WR1 as a billion dollar company within a couple of years. The great thing is that WR1 is well funded and can do a lot of drilling before needing to seek further funds from CRs. That's the real secret to success with explorers: they need to have ample funds to make significant discoveries in order to then get the SP higher and make CRs without a huge blow-out in number of SOI. CXO had to make numerous low price CRs and their SOI number reached almost a billion before the rise in lithium prices enabled them to break free and raise at a much higher price. With the Lithium price as it is now WR1 should have no such troubles, as long as the goods are there in the ground and identified. Their minimum goal should be to reach the DFS stage with no more than 400M SOI and a SP well in excess of $1. Then funding development would be a snack.