Ann: MD's Company Update - December 2021, page-19

Ouch. Ugly announcement

Basically several months ahead with no price drivers in our control. Hope lies with the govt and NDIBK004 for now - those assays could change everything. That's a tough hold for anyone with the capital to take advantage of opportunities elsewhere - and have missed while waiting through the last couple of months of underperformance.

44 high grade drill targets, first 4 failures - the market doesn't like the implied odds for the other 40 off that. This does go the questions that @allens has raised. I think the right decision has been made to downgrade the Riqueza targets and move on to the other ones. In my opinion firm opinion it's ok to continue testing Riqueza but the whole ground should be downgraded now in favour of Oz tenements. Let the majors make the running in Peru, follow in behind with a half paced campaign.

I disagree with the comment Ross made about making up lost time. Lost time is lost time, you never get it back and work next year will probably start off a much lower base share price than could have been the case had ET been underway now. I hear the excuse re landholder contact, however it's frankly a poor decision to have outsourced the tracks to him entirely. The right and sensible decision would have been to have used landholder's preferred contractors but ICG managed the process. It's done now though so no point dwelling on it.