Ann: Inca Signs Exclusive Earn-in Option with South32, page-26

Volvogreen .... such is the risk of exploration!! Only 1 in 100 projects will end up with a potentially economic deposit. The key here is that our risks and direct costs are substantially reduced if the JV partner signs on and we move to stages 1&2, with them carrying all costs. You don't "invest" in juniors without knowing that there are significant risks (and not only of not finding an economic deposit) but you do so in the considered view that the upside is worth the punt. Well, at least that is I how think about it. Everyone has their own investment and risk profile and criterion, but if it becomes too risky or untenable, you always have the option to exit.