Ann: General Security Agreement, page-720

We just need to do the following to build a strong business case for an acquisition because realistically it's impossible to fully define the resource for all the targets within El Zorro in a timely manner, you could be drilling for decades and it'll just keep growing.

• Big Final Resource for Ternera Open Pit - 5Moz - Production capacity 200-250Koz p.a.
• Feasibility with low AISC to support the above & fully permitted (environmental, social, utilities etc)
• Demonstrate district resource potential at district targets - Drill tested (say 10 drills each target)

I think we can achieve all of this with our current funding.