Ann: Exclusive option to Acquire Renard Project, page-459

I would be very happy with this and I think it is quite achievable as well.

- Road funding - strong government tailwinds, many others in the area needing and efficient way to get to the 'hub' and potentially cheap government loans available
- Funding for Renard/Adina mining - LTR / Ford debt facility comes to mind as a nice blueprint for this
- Funding of drilling, exploration, DFS is probably the main one I am interested in currently

I don't mind the idea of a closed cap raise with a strategic at a premium to share price (plus offtake of <40% of capacity) providing all the working capital we need to get to FID. In addition a low interest loan facility becoming available from the same strategic once the FID, approvals and other types of conditions precedent are met that funds us to production.

If we raised $100m at a SP of over $2 later this year, then I can see a pathway from here where there is little or no dilution.