Ann: Quarterly Activities Report, page-320

Depends on what you are worried about.

I think that PCL have backed themselves into a corner where there is really only one option now. A farm in with a partner that will commit to a 3D and commitment to go into the next exploration phase before getting analysis completed.

PCL could raise 20-30 million now and just go ahead with 3D but they would have the same issue in that they would need to then commit to the next phase which would have multimillion dollar break fees if there was a decision to not drill. Not something pcl are likely to do unless desperate.

So I think a deal will be done but just not sure how good it will be. On the one hand there are 4 majors kicking the tyres so to speak in the data rooms. That's better than 1 or 2. But on the other hand the 3D is not done and commitments need to be given without it.

Pcl have done well to keep kicking the "spend" down the road and hopes alive but will there be a cost in the deal as a result? Heck, even a decent find with only 10% holding will probably mean people currently holding will make money. So, up to you if you want to worry or not.

I'm going to use the deal made as a guage on how good this is. We don't have access to the data room and many wouldn't understand it anyway. How good the deal is will be a litmus test on whether they are confident or concerned about what is there IMO.

Surely a deal will be done by July latest?