Ann: Exclusive option to Acquire Renard Project, page-392

The difference is largely timing and exploration approach IMO.

PMET was drilling through the peak of the boom and they pumped the hell out of it.

Winsome was drilling through the tail end of the boom and the boom ended abruptly for us. We never got fat like PMET.

On the way down, we all pretty much lost evenly across the board.

As all the credible companies have gained back MC, Winsome has outperformed all of them by some margin since the bottom in early Feb.

I won't comment on PMETs exploration approach as it will bring the PMET trolls and we already have LRS and TG6 (LOL) trolls making a mess here.

What I would say is that Winsome's drilling has been efficient and focused on building a large resource as quickly as possible. We have not drilled deep - Winsome has been focused on having that large resource near surface and in a single pit for superior economics.

I expect the best bits of Adina are yet to come (plenty of good targets out west but most of our drills are focused on infill and extension) but we have stuck to moving quickly like a company with a laser focus on getting to production.

Some people think there is more blue sky at Corvette (I think that's overstaked based on what Ive seen of the other Cvs, and that Adina's blue sky remains considerably understated) but permitting is going to be a significant challenge for PMET.

I think they will get there but it's going to take time.

I do no doubt we will be lower operating costs and AISC.

The Renard deal is simply masterful and I would be surprised if such a rabbit could be pulled out of the PMET hat.