Ann: Opuwo Project Update and Board Changes, page-170

Hi Jukebox

CLA's Opuwo resource is significant and may potentially be a very profitable operation so suggest you and others do not write them off just yet.  Many exploration and mining companies enter into "farm-in" JV agreements where the party buying in spends significant agreed dollars to achieve agreed milestones like resource definition, feasibility study, plant build, full mining operation, etc, etc for an agreed percentage equity in the JV.  If CLA needs help to develop the Opuwo project then this is definitely a very viable option for them.

Also for the 1st 6 months of FYE19 CLA spent $715k on corporate, admin and employee costs and at the end of that period had $9.595 million in the bank.  Now that they are cutting these costs to save money and minimise their exploration costs to the bare minimum you could assume their annual expenditure will be between $1m and $1.4m - maybe even less given the people involved.  This means they can operate for another 6.8 to 9.6 years before they have no more money left - assuming the cobalt price does not go up and / or they cannot raise any more money at a decent share price during this period.

The fact remains that the cobalt price will recover with the EV revolution upon us and CLA will again become a very viable investment when this happens.

All in my opinion.

Cheers SandyC