Ann: Joint venture-acquisition over copper project in Arizona USA, page-13

"Raising a little bit of money every 6 to 12 months just gives the illusion that you will not be diluted to oblivion."

I don't think that's necessarily true. If we can hit some good grades early on proving up the prospectivity of the ground - and there would appear to be multiple walk-up vein targets within the project area to shoot for - I think we could see some healthy capital appreciation from a MC of just $4M.

Comparisons are always fraught, but casting around I note AW1, for example - also focused on base metal mineral deposits in Tier 1 jurisdictions of North America and centred within established, busy mining districts with plenty of existing infrastructure - ...AW1, with its MC of ~$70M.

At any rate, I think it shows what's possible - markets are very happy with American juriisdictions (probably none more so than Arizona), and particularly with Copper-Gold.

And Pearl isn't a grass roots project. If you dig deeply, I think there are at least some historical datasets out there.