Hello guys,

So I'm reading through your board as a result of some playing a game of connect the dots and I see you guys are playing a similar game from the other side so I figured I'd share some stuff I'm finding here.

So Phil Thomas who is your CEO is also the CEO of AIS which as you guys know is the deal maker for the one Argentinian lithium project and is also a shareholder and co-founder of Ekosolve who has the technology being used for that project, this guy is winning 3 ways on this project. The interesting thing about this is in the SPEY write up on his election and on the website there is no mention of his affiliation with AIS, on the other side AIS issued a large public presentation with over half a page being dedicated to him and his extensive history, but no mention of the affiliation to SPEY. There is a somewhat time reason why AIS may not have mentioned this in the presentation as it was issued in 'October 2022' and was likely prepared earlier yet his appointment to CEO of SPEY was on October 4th 2022, I understand why AIS does not mention it in the their presentation, but it's not included on the website or anywhere else after that date. To me this is a little fishy...

I've been looking into your history and of course you guys are discussing why your share prices are crumbling, it's because you guys have diluted so much and are on the hook for most of the exploration costs on everything. Just a couple months ago, you diluted in a private placement, diluted on a purchase of a company, and then bought back a little more than half of the shares issued to by the company and this is all after an earlier dilution to make a previous purchase which doesn't include the dilution as part of the agreement to fix the loan issue which was created by the issueance of shares on the purchase that led to the halt, and we have ignored the issuance of shares just made on the silver project... Your side is going crazy paying for everything they do with shares killing you holders.

Now we also have both been looking at the upcoming 20% purchase option from AIS, it makes sence that they buy the 20% when Phil Thomas in an AIS investment video mention that portion might be worth over 120 million in revenue on a conservative number, but obviously for you guys to purchase that there are likely 3 options. #1 You make the purchase using further dilution a) by directly giving shares to AIS like seems to be your standard or b) through a private placement (I'm starting to sence Phil Thomas is likely the funds in some way behind these private placements). #2 would be to get a pre-payment on the agreement of the lithium sales, 6 million upfront on an almost 800 million off take isn't much (it might even already be in the agreement I just haven't seen it yet). #3 would be to take out a loan secured on that off take agreement.

I'm on the fence wondering if this 20% purchase will happen, that payment of 6 million is pretty significant when you consider that the current market cap of all the shares of AIS are a little over 7.1 million at the moment... if your gonna pay 6 million for 20% of one project why wouldn't you make a larger play and take your 100% on one project and acquire all of AIS for the other projects some of which SPEY doesn't have to take as much risk on as anouther company is on the hook of a couple other projects. Then you could package off the gold assets and maybe even the silver interests too. Obviously buying AIS for under 120 million seems like a significant deal for your side. That said buying AIS just means more money or shares is being passed in a shell game to Phil Thomas...

It really seems like this Phil Thomas is getting his cake and eating it too on the backs of you shareholders. I've been looking at this from the side of interested in purchasing AIS as that side seems like at some point it's going to be a winner here as it's either going to get a major payment and still hold other assets, or it's going to get taken out at likely a premium maybe a very significant one which will likely be inclusive of your shares to which if held is still a win because AIS holders gain your projects too while not losing their own. That said if the purchase is made as a cash purchase the deal won't be as sweet to them.

Do you guys have anything more I'm overlooking or missing here? I'm trying to peice this all together...