Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-62

Most of that capital was expended on target generation and not drilling, mate.

Also - big picture it doesn’t matter. The longer S2 have the block, the bigger the Agnico appetite becomes for resource Oz.

I think you and mong are not fully understanding the valuation here. It’s not necessarily that S2 are a nearology and have good prospects of hitting paydirt and building a mine. It’s that they are in possession of a tenement which is of strategic significance to Fosterville LOM.


The longer S2 has this block, the more Agnico deplete reserves, the greater their apatite grows to grow resources that then can be converted into reserves, the more leverage S2 has. In simple terms… The longer S2 holds the land the more they will pay. Quite frankly… S2 could do minimal drilling with the land and they still would pay a premium… All S2 need to do is prove upside by drilling a minable intercept into their concession to prove the Curie extensions. This graphic is all you need.

Considering this graphic is also over a year old I can assure you that Agnico would’ve drilled to the boundary of the Curie zone already.

This is without even looking at goorong etc…