Ann: Quarterly Activities Report - September 2023, page-41

Looking back at earlier announcements, I had overlooked the $17 million we received this quarter as a tax credit. If you add this to my stab at $90 mil operating revenue for the quarter it makes for $107 million which is far more than the average of $73 million for the first 2 quarters. Maybe we've paid all capex out of operating cashflow. If that's the case we may well have conserved our cash position of $106 million at the end of H1 which in my view is starting to make us look cheap.

Federation is around a quarter away, and the intervals of +100g/t Au will be early on in the production process. As examples from 4/11/2000....FDD085 at 250m below surface 20.5m for 17.4g/t Au and 44.4% Pb/Zn : FDD086 21.5m for 11.4g/t Au and 37.5% Pb/Zn incl 6m at 110.9g/t Au.