Ann: General Security Agreement, page-612

My thoughts on the webinar

• Clearly focused on only spending money on drills that are going to from part of the resource. The focus over the next few months will be Ternera East and Southern Part of main deposit. Or as Zeff calls it "bang for your buck" drills
• MRE & Scoping will aspire to produce something based around a 100Koz p.a target. Based on my study of a number of other explorers and deposits I would be expecting the MRE could be anywhere between 2.5 to 3Moz.
• Zeff reiterates that the MRE & Scoping study is just the first pass and confident it will grow. Meaning both the resource and target production output will increase by the end of the year.
• Likely drilling for a minimum of another 12 months. That is longer then what was presented in previous programmes where drilling only went up to Q4 2021.
• Zeff states that we could easily drill another 20,000-30,000m ontop of what we are currently funded for. (30,000m x $225/m = $6,750,000)
• JV Partner owns 15% of all the new concessions we secured.
• Zeff states it is going to be an exciting 12-18 months ahead for shareholders.

All looking good and they can seem to put a foot wrong.

Further to my 2nd last point above, so, if we do continue drilling beyond Feb 2022, another call for capital will be required, there could be another call for ,capital at a minimum of $6,750,000 in which the vendor would need to contribute 15% ($1,012,500) I do see the Vendor being able to contribute that much, however, that is assuming that is all we will need to raise, because 30,000m based on the the current output would be consumed in less then 6 months. In Order to advance the drilling in it's entirety and if we will be looking to grow and define the resource beyond the Ternera Deposit, we are going to have to raise something in the order of $50 Mil, which I don't think is part of the plan. That is because Zeff states that the focus is developing the deposit to support a Big Open Pit operation, never mentions or suggest a regional type play or incorporating satellite deposits and that strategy doesn't fit a accelerated development programme of works.

So assuming we do raise some additional $ next year to fund a little more drilling. this strangely coincides with my last point where Zeff states it is going to be an exciting 18 (12 months + 6 months additional funded drilling = 18 months) ahead for shareholders. Which only further strengthens the acquisition theory!

I'll be riding this one home fellas.