Ann: December 2022 Quarterly Activities & Cashflow Reports, page-7

Good points Armitage Shanks. My thoughts:
- Terrible look to bury the results in the quarterly. Pathetic in fact.
- Sprott has other interests in silver (so still in his wheelhouse) and the Conserrat gold prospect still appear to be the most likely asset to be developed.
- Austral will retain a significant stake in Pinguino through their shareholding in E2M. Presumably this allows them to focus on other core assets

I assume the catalyst for this stock will be the announcement of a maiden resource for Conserrat and additional targeted drilling in Pinguino.

Still a buying opportunity although the strategy needs to be tightened and communicated.

My concern is that they will now be spending money on three areas: Rio Negro, Conserrat, and Pinguino. I don’t understand why they are bothering with Rio Negro at this stage unless they have a minimum amount of activity required to renew. Any thoughts on this?