Let's talk DSO, page-171

During an interview, I noted Thomas Ullrich pointing out StormCopper Project’s Direct Shipment Ore (DSO) is not an “ORE” yet because the CanadianRegulators deem it a “Direct Shipment Product”. Once AW1-BAY classify the Storm Copper depositas a resource then they can call it an ORE at that time, or DSO.

Company Update with Thomas Ullrich of Aston Bay @ 20:40 seconds

The rules andregulations that exist in Canada governing the classification of minerals asore:

• The CIM Definition Standards on Mineral Resources and Reserves.
• The Canadian Securities Administrators (CSA) Act.
• The National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

While Australian exploration company’s typically use theAustralian JORC Code for reporting mineral resources and ore reserves, which do you use?

Frommy understanding & AW1 presentations, an Australian exploration companylisted on the ASX and exploring in Canada should use the JORC Code whenreporting mineral resources and ore reserves. The JORC Code is the most widelyaccepted standard for reporting mineral resources and ore reserves inAustralia, New Zealand, and other countries that have adopted the JORC Code. Itis also recognized by the Canadian Securities Administrators (CSA) and istherefore acceptable for use by companies listed on the TSX Venture Exchange(TSX-V) or the Toronto Stock Exchange (TSX).

The JORC Code is acomprehensive and rigorous standard that provides a consistent and transparentframework for the reporting of mineral resources and ore reserves. It isdesigned to protect investors and ensure that they have access to accurate andreliable information about mineral projects.

The JORC Code defines amineral resource as a concentration of a naturally occurring solid, liquid, orgaseous material of economic interest in or on the Earth's crust in such formand quantity that it has a reasonable chance of being economically extracted.

The JORC Code defines anore reserve as a mineral deposit that has been delineated by sufficientexploration to enable reasonably accurate estimates of its quantity, grade, andeconomic viability to be made.

The JORC Code requiresthat all mineral resources and ore reserves be classified according to theirlevel of certainty. The four levels of certainty are:

• Measured mineral resources: The mineral deposit has been delineated by drilling and sampling, and its grade and quantity can be estimated with a high degree of confidence.
• Indicated mineral resources: The mineral deposit has been partially delineated by drilling and sampling, and its grade and quantity can be estimated with a lower degree of confidence than measured mineral resources.
• Inferred mineral resources: There is a reasonable chance that the mineral deposit exists, but there is not enough information to estimate its grade or quantity with confidence.
• Ore reserves: The mineral deposit has been delineated by drilling and sampling, and its grade and quantity can be estimated with a high degree of confidence, and the economic viability of extraction has been demonstrated.

The JORC Code alsorequires that all public companies that disclose mineral resources or orereserves must have a qualified person (QP) review and approve the disclosure. AQP is a person who has the appropriate education, training, and experience toassess the mineral resources or ore reserves in question.

The CSA has accepted theJORC Code as a compliant reporting standard for mineral exploration and miningcompanies listed on the TSX Venture Exchange (TSX-V) and the Toronto **promotion blocked** (TSX). This means that companies listed on these exchanges can use theJORC Code when reporting mineral resources and ore reserves without having tocomply with the more detailed requirements of NI 43-101.

Therefore, an Australianexploration company listed on the ASX and exploring in Canada should use theJORC Code when reporting mineral resources and ore reserves. This will ensurethat they are in compliance with the requirements of the ASX and the CSA, andthat they are providing investors with accurate and reliable information abouttheir mineral projects.

AW1 West Desert Project in Utah, USA, has a JORC compliantopen pit and underground resource of 33.7 Mt @3.83% Zn, 0.15% Cu and 9.1 g/t Ag(Indicated & Inferred). With the Maiden "Indium" JORC MRE due for publicationbased on the latest investor presentation.

Therefore, by late November 2023, a Maiden JORC resource estimatefor Storm is anticipated which will allow the company to officially describethe shallow copper mineralization for mining as Direct Shipment ORE.