Ann: June 2022 Quarterly Report and Appendix 5B, page-42

If you go back to the last quarterly report, you will see te full commentary but in short they applied for the renewal before they had the details from the DFS and got rejected which was a big step backwards imo. Now we need to finish DFS and apply again.

on the funding, it is a plus but comes with strings attached ie Appian can earn up to 67.4% interest in Gorno. It’s is a big plus to get the funding but a bit of a minus in that we give away a big chunk of Gorno.

All said it is probably a neutral update ie some pluses and some minuses, hence SP hasn’t really moved. Really want to see the DFS released and MML application resubmitted and approved. That will allow FID on Gorno to be considered.