I'm averaging up into CRS as I think the recent hit is supporting a step change in prospectivity which drives a step change in potential outcomes to the upside. Despite the re-rate, the asymmetry of the bet is stronger imo.

The headline hit of 8m at 181gpt in a different mineralised structure really opens up the prospectivity of the geology and if there is any continuity around it, it will add meaningful ounces to my prior estimate which is also very conservative.

I was RIU and so was CRS so I got the opportunity to talk to the MD and exploration manager after the release. The key points are:

• System potential opens up with new styles. Go back to rethink targeting
• Rushing assays on the down dip holes and hope to have assays in 2-3wks.
• The RC is going straight back to his area to test around the reported hole to test scale.
• I got a better understanding on BIF style units and my SG was too low in my estimate. I got a better appreciation for grade in Z2 although this are is a little more complex as they have noted a cross-cutting dyke.
• The release has assays for extension at Vadrians which continue to expand the resource

A perk of being at a conference is I run into geos and can talk about things like CRS. Overall, the feedback was strong with some thinking CRS may already have 1moz+ defined across the IGP. Despite upgrading, I still sit conservatively but I think there is ~730-920koz at 4-5gpt all sitting within an open pit. The upper bound includes the addition of Baxters and New Orient.

Cashed up and drilling 50km this year, lots of newflow and catalysts ahead.

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