Ann: MCB Project Mining Permit granted by Philippine Government, page-138

Q1 2026 is ludicrous. Lets say a deal is announced in the next week. It’ll take at least two months for a shareholder vote and close. Let’s assume the buyer has enough cash on hand so no financing delay. They cannot build a mine on a scoping study. They need a feasibility study and if not rushed you probably need 6 months for a not totally rushed (but still quick) job, assuming they don’t need to do any further geotechnical work (common occurrence). Now we are in December. Once you have a feasibility study you probably need additional government review of the mine plan (though I confess I have no clue what Philippines might need but nobody is letting mining companies build tailings facilities wherever or however they want without oversight or a veto). Let’s assume a very quick two month review of the mine plan and approval. Now you’re into February 2025. You now need to source contractors, finalize negotiations, train and hire staff, organize logistics and infrastructure and import just about all the specialized equipment necessary to build your plant then build it, test it and launch it in one year?

if the presentation assumed the Svm bid went through last year and q1 2026 was the target launch the timelines are still very aggressive but at least not totally absurd. don’t believe that obviously unrealistic marketing hype.