It's not that big of a hurdle to right the ship. What caught me...

It's not that big of a hurdle to right the ship. What caught me and everyone off guard was the low resource/reserve conversion which left us short on the LOM front to make this work.It Was also unfortunate timing because at the time the FS was near complete, POG in AUD was at the lows of 2020/2021 compounded by inflation and supply constraints. Almost every other months and qtrs all producers were selling well above $2400-$2450 unhedged.

I don't think the organic growth of resource through more drilling should be a strategy they pursue. At this point it's too high risk, would take too long and at the current SP way too dillutive.

What is currently working in our favor is that sentiment and liquidity is the sector is still fairly low, particularly in the micro cap space. All the explorers with small deposits/resources with also sub $10-12 mil market caps are constrained by the placement limits so will never really be able to raise any meaningful amount of capital to really do anything or expand their resource if they cant get their SP higher, particularly, if they have already found the edges of their deposit. So they don't really have a choice but to go down the toll milling path provided that both companies can make money from the agreement.

We need high grade feed from 1 or 2 toll milling deals with small resources say 30Koz-50Koz but needs to be high grade at a minimum 2.5 to 3 or 4g/t, which should just about do us right. You can look around to see which companies may fit this profile. That way we only have to expend the capex required to refurb the mill and no the full pre-mining capex. Once the plant has restarted it'd make it alot easier to do other deals with other stranded deposits. We're pretty much permitted and ready for the restart if we can get past a few hurdles. We should have no problems selling forward contracts at $2500/AUD.

It's not going to be easy, but it is manageable and not an impossible wall to climb. It ain't over yet.