Ann: Adina Drilling and Operations Update, page-33

We have to think about really how lucky we are.
Firstly that Adina was fertile.
The rest was some great tactical use of CFTF and benefit of 38% tax rebates on exploration spend that made our choice of jurisdiction, one that leveraged our equity invested.

Because of the Me Too movement, few have had that luck with first drill discovery.
Who knows, if we had drilled further afield with Cancet, could have hit mother load 2.0, or just struck out.
Same with anywhere, that fertility needs to be in place.

It is like catching a wave. The surf needs to be there, for the ride to begin. But when up, you can ride it all the way back to shore.

We caught that wave of fertile discovery, raised funds, drilled it further, and has lead to coming to shore with Renard as a development option.

That is not to say, that another with fertile could not have done the same, its just that lady luck was not with them, it was with us. Some of the Me Too movement, could be sitting on an Adina, they just ran out of funds and nothing to show for it and are returned to shell value.