June T20, page-13

General lack of news on multiple fronts, stage 2 FID, TO, price/shipment details. The longer this persists and the longer management continue failing to meet their own deadlines the lower the sp will go, pretty simple really. I will go out on a limb and say it's the J&R situation causing this. Altura is in bed with them whether we like it or not. Without knowing the baked offtake terms, there could be a first refusal right built in for stage 2 offtake. I believe something similar played out at PLS with GW coming in. Issues at J&R would then logically delay / put into question any stage 2 offtake negotiations and ultimately the FID. Same with any TO offer, and price/shipment of first concentrate which is probably lowest on list of priorities. With demand as high as it is and new supply coming on slower than expected, one would be silly not to remain optimistic. The value in this co is in the ground and newly built supporting infrastructure. Everything else will fall into place one way or another given sufficient time. Gltah