Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-21

I think some clarification about the Elko project is in order. The above title search seems to conflict with information in AVM's annual report for 2022 (p.8).

''The Company continues to undertake the necessary activity on site to ensure the exploration licences are kept in good standing.The Elko project remains a high value asset as coking coal is a key commodity required in the steel making process. The Company is still of the view that the Elko Project offers investor upside when compared to other projects in the region.

The Company has approval to conduct exploration for a period of 5 years through its Notice of Works, which allows the Company to:
• Construct access routes into the property, that is aimed at expanding the Project’s coal resource base
• Permit the Company to complete these works through to September 2024.''

Interestingly, the ASX listed Bathurst Resources Limited recently acquired the Tenas coking coal project in British Columbia (Sep '23). I think it is a much smaller deposit than Elko - and BRL paid USD $3.3m upfront, with deferred payments of $7m conditional on environmental approval and final permits, in addition to royalty payments of up to USD $3m.