Ann: MCB Project Mining Permit granted by Philippine Government, page-162

Your license is contingent on getting financing in six months. It's very abnormal that a mining license is granted with such a short, six month financing clause in it. It means the granting authority doesn't have much faith in CLAs ability to finance this mine and is giving you short kick of the can to try. What do you think happens if you can't find an offer, the license is revoked and the company has no cash? Who is going to offer you a premium for a tier 3 jurisdiction high risk project at that point?

Nobody. At that point this asset gets vulched. And if you need to raise money when your stock is literally a penny? Ten to one consolidation and equity raise, which is a wipe out by any definition.