Ann: A$80m Fully Underwritten Equity Raising to Accelerate Explor, page-90

Prisoner - yes, agree, still positive vibes for Spartan.

But just on your Point 2: you indicated: "The high grade hit at Pepper, ... , suggest its is either an analogue or an extension of our main deposit."

My interpretation of Simon Lawson's quoted comments in the announcement of 16 April is that his geos think they have worked that out already.

SL described the area around Never Never as being like a sheet of corrugated iron with Never Never being one plunging trough of high grade mineralisation and Pepper being on an adjacent plunging trough. I take that as saying Spartan's geos now think that Never Never and Pepper are parallel but separate shoots of high grade material and in between them is only lower grade mineralisation.

So, finding a new high grade shoot in Pepper is good, really really good, but it seems it is not "exponentially" good as it would have been if Pepper was part of a high grade continuum between Never Never and Four Pillars.