Merv, toll treatment would commence a year or less earlier, than...

Merv, toll treatment would commence a year or less earlier, than a stand alone operation. That is significant. It does not have to involve the whole gold resource if anticipated drilling results demonstrate a significantly larger system runs into Bottletree. Accessible collateral is more readily available for toll treatment given the shallow, high grade gold already proved up. It provides immediate direction to satisfy me and perhaps other holders who could support price. Certainty is more valuable than risk.

I would reserve a stand alone operation until we know more about Bottletree given its large scale and endowment of different minerals which would alter the processing mix and future capital requirements. Its complex and likely scenarios seem to be the source of delay at present.

Future debt servicing on the smaller operation of toll treatment is attractive given the shorter timeframe for smaller lenders to recover their money. There will be no shortage of smaller lenders seeking to capture higher, guaranteed yield because SPQ has proved up sufficient, shallow, robust gold to meet obligation and retain profit in a rising trade cycle. This is particularly relevant to overseas investors. The financial position of SPQ is not encumbered by large accumulated debt. Thanks to Peter's frugal management, it is not an issue compared to other juniors. I remember a time when Peter did not draw on his remuneration during difficulties presented with the Covid crisis.

In a stand alone operation, the costs are much higher and the risk from larger lenders' viewpoint is greater. As such, I feel the terms of collateral maybe less advantageous unless awaited drilling results reveal high grade and or significant volume. A bird in the hand is worth two in the bush. Its an interesting issue.