We have the benefit of six months worth of drill holes that can...

We have the benefit of six months worth of drill holes that can make significant discoveries :-

- Following up massive carrollite mineralisation under M2, who knows what the grade will be but a wide open prospect that Ivanhoe closed the book on after drilling at the wrong angle, now open for business big time

- Going east of the outcrop of proven Kakula style (Kakula is 174MT at 5.62% Cu) mineralisation at Kasangasi (this style of mineralisation is laterally oriented and we have 300m of outcrop of sedimentary copper in siltstone from memory grading 3-5% copper over 5m traverses) and a drill hole in the identical stratigraphic position to Kakula grading 5% copper. What seems to have tricked our team and Ivanhoe in the past is the whole sequence has been overturned, its there we just need to figure out which way its going, unless the Kasangasi outcrop is simply surface enriched.

- Following the 10km of Menda trend east of Kambudgi using magnetics, the Menda trend hosts pods of ultra high grade mineralisation like Kasompi East - 745kt 2.21% Copper 1.27% Cobalt 1.37% Nickel, small pod like this contains 9500t of Cobalt, never mind that Kambudgi fragment is still open and returned 8m at 3.87% in last ditch drilling during wet season.

- Drilling the Mulonda / whatever its called zinc targets which are right next door to Kengere which is a deposit Ivanhoe hold and they drilled it out apparently return hits around ~40m at 20-40% Zn + Pb + / Cu.

Then 45km away in Kolwezi - Tenguan have completed their SXEW plant, Chengtun are completing construction soon, Huayou have one in the works, CNMC are rumoured to be planning one as well and we have an 8mt ore reserve grading 2.94% copper and 0.34% cobalt with an additional 0.9mt of cobalt at 0.62% being mined alongside to be stockpiled (but not included in reserve for the stage 1 FS), the point is the plants being built in Kolwezi need Cu/Co concentrate and we need US$50m to finance the DMS.

The commodity price shocks reduce the upside but downside is still protected by a heavily discounted cash spinning asset in Kalongwe (even at lower prices) and more importantly, because no one really does the math or cares about economics - we have newsflow ahead and the cash to fund it.

Having said that - its going to be rough going in this market with the base metals priced the way they are and the fact we are in the DRC, so if you find yourself leaning towards sell - push a bit further and get on with it!