Ann: Cerro Bayo Silver-Gold Project - Investor Presentation, page-39

Shorrocks gave a great presentation (and a back hander to JB) about the Cerro Bayo assets in a public presentation that JB never did once. A few things he said were not right. The wind turbines are not part of the deal a German company owns them and they don’t work anyway, apparently they never really merged correctly with gen system. But could probably be sorted with a large battery storage system in between. No shortage of wind, and at times the energy required to slow them down is more than they produce but most likely the turbines will go and be replaced by something mmc buy. As for the drill rig it was the oldest of the 4 MND had they sold off the other 3 but it will bang out a hole every few weeks if it keeps going.
The resource numbers quoted include Coyita vein unfortunately all ready to go but never to be mined as it’s under the lake. MND couldn’t get their lic renewed after losing two young guys in an inundation. Another accident will close this thing down permanently!
The biggest difference here is the history these guys have making money, so they should be able to tap investors and they will need a lot expect a raise of $20-25 million over the next few years to achieve what they want as they really need 4 rigs going and then $20 mill cash for a new startup, which is what JB should have had in Dec 2021. There’s no rush to be here just yet if you want to come back as NCM were going to put $8-10 mill a year into drilling they believed it would pay off as these systems just keep giving. NCM were not interested in the splays and remnants there but these guys will take all of those bits you would think. The hard part is finding that continuing structure that holds together it’s there but will need a lot of drilling.