CTM Chart 2022, page-504

Yes, the correlation, or Mr. Market, makes no sense anymore.

Jan 23 Ni $28,194 .... CTM $1.21

Anns since, de-risking this project significantly:

• Many results indicating HIGH Grade increase in resource
• 100% Off Take rights from Vale
• Additional prospects of Cu-Au (probably just lip service)
• Technical Approval of Mining Lease Application
• Environmental Impact Assessment Approved
• Preliminary License Issued

Current Ni $17,695/t (down circa 40%) ....... CTM 24.5c (down 80%)

We used Ni $17,632/t in our Scoping study (May 2021)

IMO the market is paying NO Credence to the significant de-risking events above, let alone the massive upgrade in our resource or they are totally overwhelmed / consumed with the fact that India and CCP China are processing their dirty "Pig Iron", the negativity and uncertainty this consuming the market with, along with the prospects of emerging players.

IMO... we should be sitting c73c at a very minimum based on comparison, let alone reports from Feb 24 valuing us c $1,81

Bring on the DFS "Flash".... get us back into the focus of Mr Market.