Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-81

I suspect the pulling of projects in 1997 was for a few contributing reasons - more relevant to KWG was the net loss of $196mil during 1997 combining St Genevieve Resources and KWG as its affiliate - where $21mil had been "misappropriated from St. Genevieve Group members to fund KWG's Ametistovoe gold project in Russia".

"For its part, KWG recorded a net loss of $104 million ($2.97 per share) during 1997 on revenues of $434,000, with most of the loss arising from an $89-million writedown on its mining assets and a combined $7.5-million loss on the disposal of its investments and mining assets. For the previous year, KWG posted a net loss of $3.3 million (14 cents per share) on revenues of $775,000."

https://www.northernminer.com/news/st-gen-and-kwg-end-1997-awash-in-red-ink/1000100398/

This resulted in a significant restructure of KWG's portfolio, only concentrating on projects that would save the company. (i.e. not exactly being in a position to further exploration of a potential copper porphyry).

The "new thing" that was pitched to us by AAU was the potential for a copper porphyry at El Pilar - which Brian had said KWG had essentially overlooked the signs but Dr Chris Grainger had seen patterns in the surface rocks on a site visit to suggest a major copper porphyry underneath. However why was there no mention of assay results or the discovery published back in 1997 indicating a major porphyry, or 'extensive copper zone' already? That was information available to them, and Geominera was there in 1997 when it was discovered.

The 'Not Quite Right' is probably the way they're unfurling this story - that Chris had some magical eye to spot the copper formations from the surface rocks, when these articles suggest there was plenty of information already at the fingertips about a significant copper find underneath. It might not worry others, but to me (without having any access to those announcements in 1997) there's enough to indicate concern that there's potential for some deception at play.

Would love to read that article from June 18 1997 to better understand what was reported to be discovered, and whether it sheds any new light on what was already known before March this year..