Market Update

General - Perseus - Prairie - Cassini - Antipa - Breaker

Good afternoon

more progress on trade talks….German Industrial output in Feb strong : manufaturing down a little, but construction is very strong + 6.8%

Palladium/Platinum-switch continues…base metals stronger except for copper. Cobat looks like it has found a bottom, finally.

Germany is thinking about increasing subsidies for EV´s, mainly by accelerated depreciation of company cars

Equities unchanged

We are currently seeing quite a few supply-disruptions in copper..especially Las Bambas in Peru , where roads are being blocked, is gradually driving down production.

Antipa - I was pretty disappointed yesterday by the fact, that they had to offer a steep discount on a placement ( at 1.9ct ), for a relatively small 3 mill$ placement. But placement size got increased to 5.1 mill$, which certainly is a good sign. As RIO is paying for exploration on the JV-ground, this amount gives AZY a very reasonable amount of money to continue drilling a range of prospects within their exciting ground position in the Paterson province in WA. In the meantime it has been reported, that RIO might have extended the strike length of their discovery adjacent to the west of AZY´s ground to potentially 3.3 km - that´s more than doubling it, if true. But no more details have been released as yet by RIO.

Breaker - the company should be on target to announce a resource-increase at latest by the end of May, potentially earlier. Given recent drilling results, a substantial increase should be a done deal - I am hoping for another 300-400.000 oz. The company also continues to work on the prefeasibility-study - I guess a release also within 2-3 month. I could imgaine, that BRB will try to get as much info as possible out there, to enable a capital raise in may/June. They are spending around 3,5 mill A$ per Quarter on their very active drilling programm….nothing wrong with that! Even though the stock might be trading cum-placement to a degree, I would use the current , quite period to accumulate stock. The old resource from September is 1.1 mill oz and was increased then by 500.000 oz….it´s certainly possible, that they will do that again. If they deliver, it will put at rest the last doubters on the stock! It´s too early to tell, before the pre-feasibility has been announced…but I think 120-140.000 oz p.a. over an initial 6-7 years would not sound all that unreasonable ! And as we all know, the prospect is still open in all directions.

Cassini Resources - the company raised 7 mill A$ at 10ct incl to some institutions, and a Chinese corner stone investor, who is in talks with CZI about an offtake-agreement as well. As OZ Minerals is paying for all exploration on the main West Musgrave nickel/copper project, this should enable Cassini to do some pretty meaningful exploration on their other projects. The OZL-managed pre-feasibility should be out by the end of the current Quarter - including resource increase. So plenty of big news in the pipeline here…

Prairie Mining - suspended in Australia, pending a release on legal proceedings in Poland with regards to their Jan Karski mine. The stock is trading in Poland, though - strong turnover and currently at 44ct-equivalent. I dare to say, that the news will be good news!

Perseus - short production update before the company will release their full Quarterly by mid-month. Production of 67.000oz ( of which 44.700 from Edikan ) is indicating, that thehalf-year guidance of 130-150.000 oz will be achieved, pending any nasty surprises. The stock continues to trade above the warrant exercise price of 44ct , ensuring, that the Yaoure projct can be fully financed by debt + cash flow, without the need to raise equity. The company claimes, that financing would still be ok even without the options - but I am sure, that things are much more relaxed with the additional equity.

Have a nice weekend



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