Next Steps - Move on

In view of GoG’s disappointing response:

1. Write down the value of KF entirely. Declare it impaired on account of GoG and make clear the losses ($110mm + interest?) that we shall be seeking recovery of by way of arbitration. Media will cover this as KF / green minerals are the litmus test of Greenland as a nation (and a global case study in snapping defeat from the jaws of victory)

2. Buy a production-ready asset as far away as possible from Greenland and it’s banana republic policies. Canada and Australia a priority.

3. Precious and base metals assets are trading cheap. Focus here. Avoid critical minerals / REEs as prices remain exorbitant, good quality assets scarce and we cannot risk remaining $$$ on doubling down (tripling down actually!) on highly speculative early stage critical minerals assets.

4. Company policy must be changed ASAP. 1) remove Shenghe; 2) generate cashflow; 3) reduce overheads; and 4) create new HoldCo with a new name / strategy and demote GGG to a subsid. $28mm is a lot of dough to get us a good asset. If GGG cannot generate cash within 12 months, resignations need to happen. Shareholders will not stand for a “managed dissipation” of funds on exploration boondoggles.

5. Quietly commission a strong geo to re-delineate a resource / PEA at KF that avoids the “100ppm rule” This will be a Plan B if arbitration fails to try and salvage an ML and some value from the project

6. Post #5, seek an EXIM loan similar to Ironbark Zinc in Greenland and/or sell the asset to a party with the resources / capacity to play the long game with GoG. Also consider appointing a US official to sit on the board. We will achieve nothing in Greenland with Shenghe as a shareholder.