Ann: Updated McIntosh Graphite Mineral Resource, page-4

There is nothing negative about this announcement Starkode, but you are right that the share price does seem to hover on the edge of capitulation. The price right now reflects the general market sentiment towards small cap explorers. There are so few buyers that you need to be ready to really commit in order to support the price and naturally no "small" buyer on this forum wants to do that single-handedly. I think if it dropped to 12 or 10c we'd see a flurry of buying activity, but otherwise it is going to take a few big announcements to get the attention of investment funds with 25, 50 and 75c targets.

The potential reward is definitely here when you look at the other peers who have taken off 100-300% with a PFS and binding offtake agreement... and I think it is the right time to get in, but there's not a lot of shares on offer here either. It's a very odd situation, seeing such low volume despite the price drop, but this is typical after a management change. It doesn't breed confidence.

If we see a strong PFS indicating that debt-funding is possible and a binding offtake deal, this still has the potential to be in the $100m-300m market cap range and that could even happen this year, so I am going to stay the course. It's admittedly just looking like a fairly long shot at the moment.