Ann: High Grade Zones Drilled and Validated at Antas, page-46

Its interesting to read the posts regarding this announcement from the various characters on HC. The comments go along way to outing whether people who are "traders" or "investors". The traders are not excited and the investors are excited. Nothing wrong with this, each to their own strategy.

I think the title of the announcement speaks for itself - "HGZ drilled and Validated". I see this as just one of many important milestones to be achieved in the march from developer to producer. May not be sexy enough to see massive re-rate but hugely important in terms of reducing geological risk to the project.

The developer stage is full of risk and Avanco have (so far) excelled in navigating and reducing risk. Midway through November with contingency funds not yet required and all running to schedule and under budget.

The previous mine development update in October included a statement on construction risk being now mainly limited to execution risk (as civil works are now above ground). So the focus is to execute correctly and mitigate risk. If they can keep delivering on this between now and commissioning they have done very well.

So with todays announcement speaking of reduction of geological risk PLUS adding upside potential in terms of gold, the investment case is further validated. I see they have also stockpiled 11,000 bcm's of gold bearing saprolite. Remains to be seen what will be done with it but it clearly has some value.

I hope there are some instos/funds out there who are also following the progress.

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