This is a shot of David Lowell and I from December, taken soon after I had joined Solaris. When I offered to pick him up at his house that morning, he said don’t bother, he was taking an Uber!

Solaris $SLS.TO $SLSSF Final Holes Pre-Resource NE Extension: SLS-54 356m of 0.73% from 50m (1,093m of 0.56% from surface) Follow-up holes ongoing, 260m step-out platform completed plus next step under construction

Jeff Currie of GS underlines point on physical market dominance: #Copper stocks still at lows dating back to 2008 AFTER period of typical build despite macro narratives No buffer built to accommodate shocks -> clear potential for $5.40 Cu over next 1-2 mo on supply hit

TD on metals trading paradox: "Shanghai traders send a strong message that supply disruptions still outweigh demand risk... taking advantage of recent dip to substantially increase longs" China knows inventories low, supply tight, policy lift inbound! #copper #nickel

Low-cost renewable power solution Structural advantage Scale, efficiency Low emissions -> future of mining economy -> future of Warintza Solaris $SLS.TO $SLSSF

MAC to buy CSA from Glencore for $1.1b 5th #copper M&A transaction this cycle: MATSA $1.9b Sierra (45%) $1.6b Jose $0.5b TRQ $2.7b CSA $1.1b Last cycle - 35 transactions This cycle requires >100 to solve 2x supply deficit and already setting records for prices $SLS.to $SLSSF

Resource strength = geopolitical strength: "Australia announced A$500m in funding to boost output of critical minerals, aiming to diversify supply for allies" -> Key for rare earths as miners can fund mines but impossible to fund downstream processing reuters.com/article/australi…

The Case for Investing in Nuclear Power: -> #Uranium going mainstream -> Explosive move coming with $SPUT US listing? podcasts.google.com/feed/aHR…

Sunday listening - Pozsar on #RussiaUkraine sanctions: Reduced liquidity Greater gov't spending Higher inflation Seizure of CB fiat #currency reserves -> Cont'd rotation to #commodities -> Re-emergence of #gold reserves -> Turning point for #USD? podcasts.google.com/feed/aHR…

Russia metal supply fears focus on #aluminum #nickel #palladium, #copper to play catch up? New highs coming soon? Russia only ~4% of global production, however, T-3rd largest global exporter with Australia Source: Macquarie

Solaris $SLS.to $SLSSF Latest drilling returns highest grades reported to date, near surface in near NE extension that remains open SLS-48 - 100m of 1.64% CuEq from 50m depth w/in 852m of 0.56% CuEq Near surface, high grade open to N and NE Starter pit anyone?

$VALE 2021 #copper prod comes in at 297 kt, down 63 kt from year prior -> Below revised guidance of 360-380 kt -> Far below original guidance of 390 kt Supply underperformance across industry is a return to normal Wider deficits, tighter market is story of 2022

#EV megatrend accelerating per @BloombergNEF '22 10.5m units, +60% from '21 Bear in mind, '21-22 actuals 50% above forecast At 10% adoption, critical mass -> sales take off China/EU – slow to '19 then fast, 15%/20% now going to 40-50% by '30. US 8% next $tsla $rivn $lcid

China “electrify everything” -> dominate renewables, see offshore wind per @SoberLook Renewables 5x Cu intensity vs fossil fuels Offshore wind 2x Cu intensity vs solar Global offshore 5x growth to 2030 Over 200GW @ 10kt Cu per GW - where's all the #copper coming from?