Announcement • Jul 21
Taranis Resources Initiates New Tests for Critical Mineral Elements and Re-Examines Mineral Resource At Thor Project Taranis Resources Inc. has commenced exploration activities on its 6,400 Ha Thor project, which covers a large portion of the past-producing Silver Cup Mining District. Taranis is re-examining its existing NI 43-101 Mineral Resource for improved reporting of critical minerals in addition to the silver, gold, copper, lead, and zinc already incorporated into the Mineral Resource. Thor is already known to host several critical metals, including zinc, copper, indium and antimony, although the Mineral Resource database for these critical minerals is only partially complete. Additional analytical work is now being undertaken on the stored drill core samples (pulps) for germanium. Thor is an unusual polymetallic deposit in that it characteristically contains many valuable recoverable metals that are only recoverable if they are mined as by-product metals. New Risk • Jun 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.0m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$646k free cash flow). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$13.0m market cap, or US$9.28m). New Risk • May 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$646k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$646k free cash flow). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$16.1m market cap, or US$11.6m). 
