Ann: Project & Corporate Update, page-21

Exactly.. very good points.. they even let us know in the last announcement that they’ve engaged a capital firm in the UK to explore equity finance opportunities, so my take on that is no more Chinese bankrollers..

Right now even at a vwap of 002 it’s going to be half a billion shares added per 1m in funds raised.. I get that companies need capital, raising funds is part of the lifecycle and I have no issues with it, until the register starts becoming bloated and there’s not much to show for the funds being used..

I’m looking over the 10 year history from Navaho gold days so I can see how many consolidations have happened in the past, because let’s be real, 5.67b shares is up there and will become exponential the more funds you need to raise... Those looking for a ten bagger or predicting one need to understand the market cap required to get there.. Is NPM worth circa $150m as a ten bag from 002? I don’t see it yet..

So a consolidation may be a necessary burden in the not too distant future I speculate, and that’s ok if it’s done right…. Inca, as an example, did it right.. they consolidated then gave a nod to shareholders through renounceable rights issue, so those like yourself had the option of trading your rights instead of participating..

What I’ve noticed over the previous 10 years is there’s been a number of projects that have gone nowhere in a number of jurisdictions.. But that doesn’t mean that there’s not potential moving forward, there’s some big potential ground, but as long as the capital is available to do it.. If not, who is left holding the bag so to speak?

I get it that we had dusters in cachi, if you are looking through the lens of wanting good intercepts and solid grades off those hits, which we didn’t.. but there were shallow grades that weren’t great so is the potential is still there? Or is it just fluff in that announcement.. time will tell for all of us..

There’s a pretty broad schedule of work ahead of us to meet the strategic objectives, and it’s going to be expensive.. hanging some hope on Lakes Blue relisting is also a fairly risky strategy, what happens if they don’t relist? And if/when they do, is there going to be a mad sell off for those holders cutting and running etc etc..