11 Hours, page-28

I would be surprise if they have that much capital to do so much exploration at SJ (given the current facts available)....but you never know. Don't forget they only have $4M cash on hand remaining last quarter, around $400K will need to be used for Ryan's salary for this quarter and the following quarter next year so only $3.6M for exploration and don't forget they are planning to go into production in Q2 next year (so they need another quarter of cash for operational activity). They could get payment advance for this off-take deal but this will still eat into their profit margin and they still need to pay off the $20M startup capital (and don't forget the 20% JV with the landowners are "free-carry interest" so they don't need to contribute to the startup capital and I don't recall a definitive about is their "free-carry interest" net profit only?).

Note, they only spent $9M on exploration to find around 20Mt JORC tonnage at Isabel.