Ann: Offer to Acquire Geko Tenements, page-22

From my little research Geko really struggled to get the grade they promised (1.8g) NST when they made the contract in 2019. Good chance they stripped out as much high grade material as they could to keep that contract alive, throwing low grade ore to the wayside.

This statement in the release also backs this logic.

"There are substantial low‐grade stockpiles remaining from previous mining."

I think this paints the picture of what Management are trying to do, eventually a high grade acquisition blended with this lower grade ore keeps production flowing.

It's not the most exciting acquisition but it wasn't too expensive and keeps the lights on. It is a shame they blew $14M on Macphersons. With the industry currently suppressed now is the time you want to be hunting for that high grade acquisition.

Pretz