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32 SMT007 MAGAZINE I JUNE 2022 But the problem occurs when the slightest thing, like the Ukrainian war, spooks the investors who we depend on. If I can't raise money to do the work, I must put everything on hold until we can. Short term thinking does have a major effect on the ability to do the work, which is driven by the ability to raise the funds to explore and develop these min- ing projects. Johnson: It's clear that we are not going to mine our way out of this supply problem. Dykes: No, not at the moment, and not with this new green technology and the amount of, let's call it, green metals. Everybody wants this new green energy, but where are we going to get the metals to do it? Johnson: As you look ahead in electronics man- ufacturing, what should we expect the miner- als market to look like? Dykes: Going forward, the demand will remain strong for these metals. For at least four or five years, my opinion is the metal price will stay high. We'll see more increases over $5 (per pound) copper before we see below $4 (per pound), unless something significant happens. It's just not there. ey must pay higher prices for the copper used to manufacture things. Of course, that will be translated into higher prices for products. As deposits come online, certain metals may not increase as much. But overall, the cost is going up. Of course, other costs are increasing, such as the cost of mining and hiring people to do the work. at translates into inflation, and higher cost of goods. As well, you have China trying to control the market, wanting to control the manufacturing, and controlling the release of metals. at will all contribute to the West- ern world needing more metals. e U.S. espe- cially will need to develop its domestic supply sooner or later. e outside world wants to sell the finished products, and many are starting to. I'm see- ing it in South America, Indonesia, and other places where these metals can be mined. ey require a local manufacturing plant there if you want the raw materials. So, that will cut off the manufacturing industry in places like Canada and the U.S., which, of course, affects jobs. Yet we have the raw materials still here in the West. We're just hung up on all this permit- ting, bureaucracy, and delays to our various projects. But we'll see some of that give way as people start to realize what's happening. We'll eventually come back to reason instead of these polarized views. e mining industry has changed over the past 50 years. We can mine, do it properly, and do it in the right way. But those factions pro- testing mining operations continue to slow down the process, which doubles or triples the time it takes to put a mine in production and therefore delays the supply of the metal. In the meantime, the price goes up. When the price goes up, the other groups, which are not affected by the delays, can move their metals inventory on the market. Johnson: is has been an amazing conversa- tion. ank you. Dykes: My pleasure. SMT007 Germanium

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