◆ Ramp Metals Inc. (TSX-V: RAMP) (“RAMP”, or “Company”) announced a high-grade discovery of 73.55 g/t Au over 7.5 meters (Ranger target) last year at its Rottenstone SW Project. We think the results are remarkable and quite unexpected, as the Company was primarily drilling for battery metals. Management will prioritize the Ranger target at its upcoming 2025 drill program. The stock is up 667% since our May 29, 2024, initiation report. ◆ Shifting focus from battery metals to gold: The Company announced the discovery of gold mineralization at Rottenstone SW. In light of this discovery, the Company intends to redirect its focus from battery metals to the exploration of gold. The province of Saskatchewan remains largely underexplored, indicating the significant potential for the emergence of a new gold district ◆ Near-term triggers: A total of three targets — Ranger, Rogue, and Rush — are now being drilled for mineralization. The results of the mapping and sampling program focused on the t