1. Hartley's has been consistent seller the past week. Every...

1. Hartley's has been consistent seller the past week. Every weakness is soaked up and every strength is sold into that has left the price compressed at this range. They have been selling everyday since the start of last week and every buy stack that appears is being taken out.



2. Macro setup is sitting extremely neutral right now as we end the near of Q1. Re-balancing between hedge funds and retailers losing their heads trying to figure out which swing trades to get into. (Bonus: They have no idea)

3. Price of Gold. As the only precious metal that Mako Gold is currently exposed into, the PoG sitting on down trend doesn't bode well with the price of MKG short term.

4. Land equity. We are currently sitting on 51% equity of Tchaga. Define the resource, and our equity is increased to 75%. We are in the business of extreme speculation on the micro spec. My personal speculation thesis is there is enough on the ground for the management to push further JORC evaluation to increase equity and define the resource fully. This takes time.

5. Management and insto exposure. Compared to other hyped stock in the micro spec end, the directors/MD has decent chunk of the pie. Skin in game by director is always a good start.

6. Korhogo. This is the bonus valuation for this stock. The next few programs will identify if this space of land will provide an extra boon to the short term SP. Inversely, the downside is still minimal at this stage as the market appears to have not priced this project into the SP evaluation.

I don't expect a bonanza type drill bit being assayed. What I expect is a slow uptick in SP as the project progresses, with further confirmation of the vision of defining a multi million OZ project. This will take time.