Ann: Change in substantial holding, page-8

I tend to agree with your comments @ad0.

I suspect management will need to execute their planned drilling in a timely manner (i.e. this year rather than next year), deliver spectacular results to underpin a BFS, then announce a finalised BFS with all the regulatory approvals sometime during 2025, then announce project funding & execute the mine development & plant upgrade later in 2025 in readiness for commissioning & production sometime in 2026 / 2027.

Alternatively...secure project funding without a BFS via a JVA with a cashed-up entity preferably before Aug/Sep 2024, then execute planned drilling later in 2024, then deliver suitable results & a BFS with all the regulatory approvals sometime during 2025, then start the mine development & plant upgrade later in 2025 in readiness for commissioning & production sometime in 2026 / 2027.

IMO, securing the required project funding via a JVA sometime in 2024 & preferably before Aug/Sept would be the better option in terms of improving the withering SP & negating the need for another 1 or possibly 2 CR's (with offer prices lower than $0.004 during the second half of this year).

Looking at the Mar'24 quarterly: the activities planned for Brazil & Adelong might struggle to improve the SP in the near-term (based on the SP response to date) which seems to suggest that management will need to pull a couple of gold rabbits out of their magic hat & surprise the Market with 1 or 2 spectacular announcements (worthy of celebratory fireworks & applause) regarding the $15M+ project funding for drilling, BFS, plant upgrade & mine development.