Keeping the thesis short.

CRS is drilling out a BIF structure that sits under a ML at their Island gold project, which is located next to RMS and WGX in the Murch. The geology has parallels to the adjacent Break of Day deposit drilled out my MGV and bought out by RMS.

In the IGP, CRS has drilled out three prospects with Vadrians being the biggest success demonstrating high grade gold over 1km of strike and up to 400m deep. The prospect remains open in all directions and is subject to ongoing drilling/ Based on released results, I think this prospect has +/-370koz defined and a range of ~200-550koz. Smaller ore bodies have been defined at Baxter and New Orient.

In recent months, CRS has stepped out and conducted mapping, sampling and geophys to evaluate regional potential and generate more drilling targets. Two BIF structures have been identified in this work with 5+ more targets beyond the existing prospects better defined.

CRS recently raised $12m in new equity that was quite institutional. Post raise, CRS has expanded the drilling at the IGP from 5km, to 10km and most recent 50km. This is a significant level of drilling that could not only expand on the existing key prospects but also prove out regional potential, thus setting up the potential to grow the resource well beyond what I have estimated.

I have followed CRS for a while but I think now is the "right" time to speculate as:

• Exploration is high impact so big potential in drilling
• Well funded to drilling a lot of metres thus can grow the resource significantly
• EV of ~$55m is undemanding based on estimate of ounces at Vadrians
• Despite recent volatility, the market remains supportive of exploration so can be rewarded for success