Ann: Nova Completes Bridge Funding, page-28

A lot of these resources (RPM) did not exist when NVA stepped in. That is new data, that any company now has the option of considering eg. whether we're a quality comparison of USGold's Whistler, and what the value/potential of these resources is.

'BS' meaning whether the potential of those resources is exaggerated, or the 'other' things like grants and antimony, or previously when the RPM inferred was overestimated. But only judged against a $56m market cap.

An acquiring company can judge the potential of the resources for themselves (power, road, funding and resource growth). As we upgrade more of the resources to M&I and progress to PFS, they can trust the numbers even more - there's less inaccuracy possible - no more big inferred assumptions, just smaller M&I assumptions.


I'm not seeing too much BS:

- The antimony and grants is hard to judge.
- Some timelines got pushed back.
- I'm leaning towards them only drilling 'some' of the stated targets for this season.

But the studies on Korbel+sorting+heap leach etc seem logical, PFS pretty much necessarily needs a 2025 timeline (as PFS demands more M&I than the MRE will provide, I assume), which we're working on. The over-estimated inferred is behind us, and most of the resources are building up to decent confidence (and with better transparency too, eg. Vrify showing exactly where the inferred reaches out to), though maybe still needing a 2024 season of drilling to upgrade more to M&I (hopefully having funding for a decent pace of drilling).