Ann: Quarterly Activities Report, page-85

To be honest, I think the reason we have a more targeted equity partner search is because, all bar the shouting, LNS will be on board.

The mine is massive, they are already in country in the Ruby mine, the logistics for them from Norwegian base is favourable and they are a minority provider.

The infill gives them a front seat in what will become their operation and the grades at beach are supposed to be awesome. All in ‘why wouldn’t they be involved?’

The other equity partner, imv, will be about the support infra required to enable day to day operations and maintenance. That is a sizeable ask and needs extra from what LNS would be expected to underpin.

My view is, that if LNS get on board, then the equity partner search will become more likely. Tbh I think they could probably announce LNS now. But why would you? The SP gain would be somewhat negated whilst the Exim story unfolds based on evidence provision.

My view is Q3 / Q4 for the real action post LNS announcement at year end and other Exim evidence provided. The infill is not really a show stopper, it’s icing on the cake.