Hi folks,On the face of it, I see great potential, but also some...

Hi folks,

On the face of it, I see great potential, but also some risk factors/gaps that I’m reaching out to those more versed with the company to help answer. Wondering what your views on these are.

1. Seems like a good amount of cash, but history and an accelerated drilling timetable would suggest they burn this up pretty quickly. They have also said end of 2023 to become a producer. Assuming they find a larger economically feasible deposit, what are thoughts with how much more they will need to raise and what a realistic timeline looks like to get to production?
2. Little uncomfortable with the related party transactions - seems high and gives the impression of “lifestyle” directors. Has anyone met management and are they the hard working type, or coasting into retirement type?
3. What price did Regal get in at?
4. How are they paying for the 2 Canadian drill rigs, and roughly how much for each?
5. Given they are bypassing the normal studies, does that mean de-risking comes down to drilling, drilling and more drilling (as well as financing and off takes of course)?

These are risk questions, so framed that way, but asking because I see promise with recent results and drilling programme on the way.