Exploration has identified mineralization over a 6 km strike length. Initial drilling has returned high values of up to 1.07% NiEq (2.26% CuEq) over 28.9 m, mostly at shallow depths (50 to 100 m). We view nickel grades of 1%+ as high. Management is planning a 2,000 m drill program to potentially expand the mineralized area, as well as metallurgical testing, prior to completing a maiden resource estimate in 2025. Based on our review of all the published data, we are assigning a preliminary speculative estimate of 297 Mlbs NiEq (679 Mlbs CuEq) on Graal, indicating a medium-sized/high-grade resource. BHP (ASX: BHP), First Quantum Minerals (TSX: FM), and Wyloo Metals, are temporarily suspending production at some of their nickel mines in Australia due to a 26% YoY decline in prices, driven by slower global GDP growth, and rising supply. LME inventories are up 82% YoY. We foresee these production shutdowns exerting upward pressure on prices. We estimate nickel will average US$8.75/lb this year vs the current spot price of US$8.20/lb. We maintain a positive outlook on juniors focused on EV metals. Battery/EV manufacturers/miners are actively seeking stable/long-term supply sources. Early this year, Sumitomo Metal Mining (TSE: 5713) acquired a 10% interest in nickel junior FPX Nickel Corp. (TSXV: FPX). Upcoming catalysts this year include drilling, and positive sentiment towards juniors focused on EV metals. The lack of an NI 43-101 compliant resource estimate may deter investors. However, we believe our preliminary resource estimate in this report should bolster market confidence. Risks Volatility in nickel and copper prices Exploration and development No NI 43-101 compliant resource or economic studies Access to capital and share dilution EIA and permitting Price Performance (1-year) YTD 12M COS N/A N/A TSXV 3% -10% *See the bottom of the report for important disclosures, ratings, and risk definitions. All figures in C$ unless otherwise specified Graal Project Location,