Ann: Multiple gold intercepts at Ternera East, page-24

The assay turn around time frames have really slowed down over the past 3 months. We may still get the update to the MRE before the end of the year but I wouldn't expect to get it because there is only about 4 more working weeks till the end of the year.

100% the CR sucked ass but when you crunch the numbers from the June Qtrly it shouldn't have come as a surprise that based on the cashburn we were going to be running low on cash come Jan 2022. The intent was to release the updated resource in DEC but that targeted milestone became at risk when the assays slowed right down. The CR was needed. IMO, it would have been done so sooner if the SP was higher but there was just too much weighing down on the SP. We've released some of our best drill intercepts post MRE with no appreciation.

The placement of $4.3Mil was not a large raise and provides the extra breathing room to finish up the resource update and hopefully scoping study. The SPP is probably going to be a bust which might not be such a bad thing because we'll keep the spare placement capacity up our sleeves.

I must say the selling down to well below the CR price before the placement shares were allocated was disappointing.

I believe 244 is getting prioritized in the labs so my guess is 8 weeks from when it was drilled so hopefully in the 2nd week of DEC.

I think you have to be patient with most explorers in the microcap space until some more bullish sentiment returns to the sector.

Fundamentally & Longer Term - TSO is working towards having mining inventory to support a low opex 100koz x 10yrs + scalability step change if TB/DH presents fast resource delineation/drilling potential. I think we are good chance of easily hitting the target to support production target for Ternera. The District Target uplift I'm hopeful.

Shorter Term & Trading a Gold Bull Market - If 2020 is anything to go buy, traders loved strong drill results and I believe that consistently our drill intercepts are right up there in the Top 5 explorers for best drill intercepts. We have consistent and steady newsflow and plenty of drill results outstanding. The others are DEG, MGV, PDI & NVA. Should note that excluding DEG, the other 3 market caps are 4-6x that of TSO sitting between $200-350mil based on current valuation and it's not like they don't have any issues, they have some challenging problems aswell some that aren't even manageable, therefore I feel we are somewhat oversold and punished. 2020 was crazy, even news on a CR would be viewed as good news and catalyst for a re-rate.

There is alot to like based on current valuations for both the short term and longer term.