Ann: First Integrated Results from Riqueza, page-59

There has been interesting discussion tonight. Some comments I would like to make to add to the discussion are
1.S32 have not seen the final IP report because it isn't finished so permit to drill applications would not have been started by S32. RB stated that process of drill permit would not be done until after IP and drill target report is received.
2. Given the lockdown situation it may take 2 to 3 months to have permit processed. If so then ICG have some time to bring in a JV partner.
3. Lockitt's call to de risk the project by having a JV partner to fund drill program is sound. IF a partner cannot be found in the short term then ICG would need take the initiative and fund a drill program in the hope of getting some good results. Remember S32 have paid $3.7M over the past year leaving ICG to benefit from the IP and drill recommendations report.
4. Snakebones's comment that he would open his wallet given drill permits are in place and a contractor engaged if a CR was required. I am interested to know how many other SHs would also put up their hands. My personal preference is to find a JV partner. However if a CR was called to fund a drill program at Riqueza I would find the funds to participate. The interim IP report and RB latest analysis is very compelling. I look forward to the final report. I am certain there will be a logical reason for the delay given the Covid situation.
5. ICG have the strategy of involving JV partners in any Tier 1 prospect. Australian prospects included. Whilst it would be lovely to have 100% available funds are too limited at this time. Maybe some state government funding is available to assist initially.
My thoughts only and not financial advice.