Ann: June 2023 Quarterly Activities Report, page-5

Once they get the Lady Ida deal finalised, they are going to need plenty of cash reserves to get it to production stage, hence the debenture strategy. Spending the bulk of our current cash reserves for the purchase could leave the Co. vulnerable. The interest rate was a bit toppy, but in reality totally fair given the associated risk.

On a separate issue .. Something I missed in my previous slightly negative comment regarding the 4% net smelter payment to the lads; It only covers tenements 262, 263 and 264 ... not the remaining 4-6 "L" tenements which are included in the Lady deal. They would have a lot of time etc put into securing the deal so I no longer have an issue with the extra couple of percent over some of the tenements.

The Quarterly is very solid and everything is looking on track bar the current small hiccup. They basically indicate the Lady Ida deal will happen once an alternative payment strategy is agreed on/no hint of negativity. The consolidation and material purchase is also mentioned again. All looks positive ... apart from the SP, lol.

A couple of decent Buy orders hit the 027 on the Quarterly release trying to catch any frustrated Sellers ..... No substantial selling into it yet, so the Sellers might be just about done. Should see the SP start to creep up again.