Ann: Phase 1 Scoping Study Presentation, page-14

they were racing the clock at the time to get the first mre done by the milestone date. they released it to get the performance rights, we all know what happened after, it was half baked. Then they spent the next 9 or so months drilling to get it where it needed to be at a minimum. By that point in time we had run low on cash and arguably 2 of the worst years, the worst bear market we've seen in gold stocks/investment in over 10 years, so that definitely did not help us.

Regardless, we're lucky that in the background GF had been doing DD on us for about 18 months and as of today, even without the VAT, we're funded to drill till end of year. We will need the more of the VAT to drop, which Geoff reckons some if not all by end of Q2?? It'll just take some pressure off from our treasury.

I think Ternera is in a decent position now and hopefully we can add circa another 500koz of inferred resource on the next update.

GF has paid for around 35-40 holes to be plugged into the district targets. Just need a few to hit the right structure and we should be sweet.