General data, page-719

My personal opinion is that SRL's chances have improved recently. For me Q P M has been the biggest competitor who offered a better price (not for Nickel and Cobalt but for a stake in the company) and better ESG features. I speculate that GM was in promising negotiations with Sam (which made him so confident in 2022), but later walked away and invested in Q P M. Hence I invested in Q P M and instead of bathing in $ I am currently bathing in the Red Sea (sold with a loss of approx. 50%). I reckon that Q P M's Tech project will be postponed or never happen. By the way: as a friend of mine is invested I do hope that it will happen.

Sam has reported "renewed interest". I speculate GM is back in the game. Sam's strategy to combine an offtake agreement with a significant equity investment at project level may finally succeed. So if Q P M fails then SRL might be the choice of Q P M's investors, who have signed offtake agreements (Posco, LG, GM).

The board of directors, who are heavily invested (and for sure know more than we do), support Sam. That is a good sign. Should we see them buying shares, that would be another good sign imo.