Coiled up tighter than a spring, page-13

Interestingly enough, Pacifico = 100% ownership of the new tenement package.....

Leaves us with Sorby Hills 75% ownership & Henan (our JV) contributing the remaining 25% towards all expenditure.

(Look at the leverage management are creating for the equity holders)
Our CAPEX was circa $95mil - Henan will contribute 25% of total

Any significant discoveries on the new tenement package is 100% owned & further allows PMY to capitalise on this opportunity.

Derisked entry, derisked capital expenditure & a derisked project with robust numbers.

It's hard to constantly remain conservative, with the robust numbers & management continuing to shape PMY to be a producer. Servicing funds to progress PMY further toward mine with such numbers, the ongoing decisions made by management etc = A very very likely outcome, despite already having a large JV partner who have contributed every cent of that 25% allocation so far.