Ann: Ceasing to be a substantial holder, page-37

In response to Swissgold

IMO the things that really matter are

A huge maiden Jorc has been drilled and delineated

A West Zone with shallower open cut potential has been drilled and delineated

Extensive Metallurgy test work has been done on each of these

So far Met. results due to oxides in o/cut potential areas have not been good enough

Initial drilling results in the wide Anticline area have been very promising and have given CLA a clearer understanding of where the cobalt and copper flows are coming from (potential feeder zone) higher grades thicker and flatter seams

While all this was going on Cobalt price has come down substantially (as commodity prices do)

Prior to any of the above no one knew what these results might have been

So it seems to me Swissgold is being a bit un objective in expecting CLA management could have some how avoided
The current position of the company

Whats needed now IMO

Is a Mining Company with appropriate Cobalt/Copper expertise and good balance sheet
With a view to Cobalt supply/demand redress and Cobalt price adjustment over the long life potential of Opuwu area and resource
To farm in or whatever
Improve Mets, Mine Plan and Mining techniques
CLA has done all this Geo Exploration work for them
So its an opportunity for the above company to have a close look at what CLA has got
And step in with their expertise and funding and be part of the future of cobalt via the EV/Batt. revolution

Untill such a company steps up or the Cobalt price improves
IMO agree with Boards decision to slow down conserve CLA $8M cash

And that share holders to be patient

With an eye on the cash balance
The work that's been done
The cobalt price
The Future of the EV/ batt. revolution
And the very low MC of CLA relative to the above

All IMO