Ann: Change in substantial holding, page-20

Further to my post above, back in 2020, $4mil cash in bank was actually considered plenty and uber bullish for most small cap gold explorers. For example LCL with $4mil in Q3 2020 re-rated from around 3.7cent to 22cent in the span of 2 months.

This is just one of many examples.

It really is perception based and it's unrealistic to deem having around $5-10mil cash as negative when it has was always deemed as having a decent cash position over the past 13 years for small cap explorers.

Why? because sentiment is strong, having $5Mil buys you drilling, strong drilling results attract attention and investor interest creates momentum, those are are actually drilling and have assets that produce strong drill results are the ones that are likely to get the attention, momentum & biggest re-rates irrespective what others thought of the company in the past.

So when does sentiment change? no idea, could be in a few months or a few years, but when it reverses, it is usually really quick and based on history, even in previous years like 2020, when it moves, it moves extremely fast and those that are waiting on the sidelines, are waiting for confirmation on the charts and by waiting they are likely to give up a solid 40% of the early move up before they pull the trigger.

Fundamentally i think we have a great base project at Ternera, easily comparable with AOP's Rebecca which was acquired for $180mil. But we are still drilling an anticipate a resource larger they AOP. I think we have some exciting drills coming up i just hope sentiment returns sooner rather than later because i think if the timing was right some of the coming results are attention grabbing headline type stuff.