Ann: Quarterly Cashflow Report, page-18

Accounting vagaries aside & leaving alone the deviations between the prospectus & actual allocations (Covid-19 wasn’t a consideration in the prospectus estimates) the overall estimated spend of 1.6m is in line with projections & seeing as how we have completed 10 holes at El Zorro (& commenced another) instead of the 7 claimed at the end of the qtr one might assume we are in the ballpark for expenses allocated.

That said the remaining 1.5 qtr’s of funding available is going to look skinny soon when considering we still had 2.45m worth of drilling to complete as per the report with only 2.5m in the bank. Although if we give back all of Espina we look better placed but there's not a lot of headroom and we do want those results to land soon to shut down the conjecture.





For those reasons and the continuing uncertainty around covid operations we can’t discount the strategic placement of the presentation on 19 Apr & nor can we discount that the company isn’t hitting some headwind due to Covid-19 constraints despite two statements now to the contrary.

To say in one breath that there is no direct impact, whilst explaining samples are to be delayed seems to be a contradiction, to my understanding anyway.. That seeming contradiction along with the prioritisation issue already vexing some investors serves only to destabilise the share price as witnessed now.

Make no mistake, I still believe the fundamentals are sound and the case compelling. But fear that with the overhanging inuendo from all sides and the share price movements of late indicating external bias I can’t help but feel we may drift according to the fib’s on technicals until any news and will be watching in order to top up if it does.. 8H