Ann: Quarterly Activities Report, page-6

I see the value in the infrastructure but I don't see why Mandalay would spend (I believe you said) $15 million after the mine flooding to basically give away their land and yet we only need to spend a few million to sure it up and suddenly become a game changing company? Why wouldn't Mandalay just spend a few more million to find the supposed "easy extensions of existing veins" and continue with the project themselves?

What do you think your investment will be worth with this continued dilution? Not to mention giving away 19% of EQE IF they decide to buy them out.

By the way it's a "3 year option to acquire all the mining properties".

At the 18 month review date:
➢Either party may terminate the agreement
➢If neither Mandalay or Equus decide to terminate the agreement, Equus will contribute US$50K/month towards Care and Maintenance until the end of the Option Period
➢If Mandalay terminates the agreement after 18 months, it will grant to Equus a Right of First Refusal on terms satisfactory to Equus regarding any sale of Cerro Bayo or its assets until the expiry of the Option Agreement

Your posts are misleading. You seem to think we'll be making money within the next 18 months. I don't see anywhere in the contract that we have the option to put dirt from the ground into their mill and reap the profits of anything that might get spat out. Correct me if I'm wrong here.