Investor Webinar, page-11

Dear Malay

I absolutely assume that there will be a CR. The only question is when and on what key dates. A lot can happen between now and then. I trust Dan to find alternative sources of cash, or rather, additional sources of cash. That could be JV, Hardway monetization or perhaps the government with its critical minerals initiative.

I have only followed the Red Metal story a little. Again, a question of perception. If you look at the chart, you could also say that many shareholders in the period from mid-2021 until recently could not necessarily have been satisfied with the SP.

If you look at the HMX chart, you could say exactly the same thing. The difference is that Red Metal's SP has recently broken out to the upside and is now where it was 4 or 5 years ago. I'm sure there were a few CRs in that period as well. I hope you didn't sell HMX at 3 and buy RDM at 15. But even that doesn't have to be a mistake if RDM moves towards 1 dollar From a purely visual perspective,

HMX could be where RDM was last July - at lows of around 6 cents.

Ibelieve that the trigger for such decisions is often the quality of the management or the confidence one has in the management. In the past, I have always sold when this confidence was no longer there on my side. I trust Dan and the HMX team - therefore no reason to sell - from my point of view.

Anyway, I stumbled across something interesting. I have no idea what the metrics of this statistic are, but it's a good way to end the week. The Australian stock market is apparently the market that produces the most 10 baggers in the world. In fact, the chance of catching one over a 10 year period is said to be around 1 in 10 (I think 8.9 to be exact). In other words, if you were to buy 10 companies at random and wait 10 years, there should be one that increases tenfold. That's better than playing the lottery.

Enough philosophizing. It's time to drill again (Yandal next week) and deliver results (drilling JV Sumitomo imminent). Otherwise, everything remains the same for me. Observe, think, act.

I wish everyone a good weekend.