Ann: Maiden Resource at Pontax Project, page-11

Congratulations to David Southam for delivering a decent maiden MRE for Pontax and for managing expectations. That he also scored a million dollar payday is probably mere happenstance. 10.1 Mt at 1.04% is just enough but all he needed was just enough. Note the wording of the performance rights criteria means that even though Cygnus's share of the MRE is actually a tad more than 5Mt he still wins the meat tray.

While there are vague reference to some more diamond drilling sometime in the next six or seven weeks there's no talk of having booked a rig or how many metres or holes are being planned for in the campaign. Call me cynical but I fully expect Cygnus will now go at Auclair fairly hard for the next few months and will view Pontax more as a back-up (or maybe DS might pull the pin while he's in front - he resigned as a non-ecxec director at Kidman Resources in early 2019 at about the same time that company started trying to sell its gold assets so it could focus on the Mt Holland lithium project - I'm not sure that spodumene gets his juices flowing).


This is from the ASX Announcement of 4 October last year. Today's price is $0.27 so DS picks up shares currently valued at a smidgeon over $1m.

But anyway, David Southam delivered a MRE in Quebec so well done to him.