Ann: Isabel Nickel Project - San Jorge deposit drilling results, page-43

San Jorge is looking like a 1% Nickel laterite resource, which means with dilution AVQ would be mining less than 1%. For a DSO project that is not going to make any money irrespective of whether you have cheaper mining costs in the Solomons than in Australia. Remember there is no power on San Jorge island so the power will be diesel generators which will put up their mining costs quite significantly. San Jorge is just not going to fly. AVQ will now probably finish off their JORC resource for San Jorge and that will be the end of that. There is no point doing a BFS on the project as even a Scoping Study would should that its not economic. That is why they have not been able to secure funding from Offtakers as per their plan. Clearly they have not been able to get off take financing sufficient to fund the stage of the project development hence the need to tap shareholders for funds. For AVQ it all now depends on getting Isabel back.