The access problem

Access – Not Discovery –
Is the Constraint.

Known mineral resources remain stranded because conventional mine plans cannot be permitted, financed or operated. The constraint is the mine plan, not the mineralization.

Known resource

Mineralization already identified

Failed plan

Conventional architecture

Stranded

Permit or economics blocked

SMART redesign

Change the mine architecture

Access

Acquire/JV and advance

The opportunity is known mineralization stranded by mine architecture, not another exploration bet.