Can't give it too much more time. Refer to the tenement schedule...

Can't give it too much more time. Refer to the tenement schedule in today's announcement. The Muller Range EL expired in December 2019; has an extension to the licence been submitted? The Bulago EL is due to expire July 2020. While the Tolukuma EL expires in just 13 months time in Feb 2021. This doesn't leave much time to undertake surface exploration followed by drilling before a licence extension needs to be submitted.

Short tenure is one of the issues of operating in PNG, and timelines and outcomes of extension applications are not necessarily known or guaranteed. The grades are nice but building a decent resource from narrow veins requires quite a bit of drilling, irrespective of grade. FNT is certainly on my watch list but the tenure risk and general exploration costs keep me wary. Will keep watching but will be wishing you good luck.

Bornite