Ann: Multiple wide shallow gold intercepts at Ternera, page-54

Mate, always open to having indept discussions and critical analysis with yourself, but this post from you is abit of a cheap shot regarding the mineralization. You clearly aren't that ignorant because you have been following TSO for awhile, but why the ignorant view when so much info has been presented in the announcements, particularly the intercepts from the leap frogmodel?? Additionally, there was a recent investor presentation which Zeff clearly highlights and draws attention the High Grade Central Zone (He even hovered his mouse pointer over the zone) and how half the Ternera Ore body is sticking above the ground!

Regarding the grades, I can assure you now, the head grades and the mill feed grades we will be achieving will be around 3x + of what NVA has reported on the resource table. Based on the production output targets stated by Zeff, TSO are going to need a processing plant of around 4Mtpa (as a starting point) and in order to hit the average of 100Koz p.a Minimum, they are going to need mill feed grades of at least 0.8-1 g/t Au. He acknowledges he is on the record for putting out this target and is very confident of achieving it so you somewhat have to take the man's word for it because he hasn't put a foot wrong to date.

The 2 companies are proposing 2 different processing strategies Conventional CIL v.s. Heap Leach, so they are not really comparable. One thing you should note that, whilst, Grade isn't always king, it matters significantly for determining the production output, particularly, for the early stages of production, which you would want to be as high as possible to accelerate the Capex & Debt Payback.

TSO has a high grade central zone starting for surface as highlighted below and with grades for this zone greater than 2.5g/t Au, not unreasonable to expect to see upfront production outputs in early years in the order of 300Koz + p.a. This is something NVA does not have at Estelle.