Ann: Adina Drilling and Operations Update, page-12

Solid update but nothing mindblowing on first skim. In-fill and extensional drilling + some sterilization dusters (to confirm an area is safe for infrastructure placement.) Good stuff in the east.

Main zone is a thicc boi -- we knew this already, but good to get further confirmation of consistency.

Some more decent hits deeper in the Footwall Zone and SW Zone (both near boundary) further build the case that AZM/SOQUEM land ought to eventually be acquired by the Adina operator to provide quality tonnage for years 20+ (or earlier if >2.2mtpa.)

Glad to see they've stopped mentioning Cancet and Tilly and I hope they've shelved plans to drill these. Winsome have enough tonnage at Adina, a 20yr LOM and the first 10 years look particularly great, 22mt under <50m, from surface, and 1.3% avg grade.

"the Company's focus is on delivering the project studies to advance the investment case as well as the various permitting processes, whist preserving our cash reserves given the prevailing market conditions."