Ann: Pantanillo Oxide Project - Au Scale and Potential Identified, page-4

I'd say so Walshyo (wrt to cap raise).

My "urging" with PL is along the lines of we know what the immediate neighbour has and they have MCap C$467M (more than 30x FLG)



granted they are fully funded and their mine is under construction. It's also RoM heap leach. It's a little bigger Resource but roughly the same (Phase 1) annual production. I do believe that the changes to the cutoff grade and Au price alone is enough of a change for Pantanillo to match Fenix. Pantanillo will have far easier permitting as its design is RoM heap leach whereas the intial design of Fenix had crushing and more complicated leaching (2nd mouse gets the cheese example). That will work to our advantage.

With want we've got now we could get to that 15 year mine life (at 80Kpta Au production or more) and that could be extended as described in the release - but that doesn't need to happen now. I've shown similar (US based) examples where the RoM heap leach mine is built to optimize the cash flow over the first say 5 years knowing full well that can expand the pit with infil drilling and extension drilling.

It's a case of how many "Months to Metal" (as well as Metals that Matter).

PL has to pay close attention to the balance sheet to maximise shareholder return (and he is a 25% shareholder is he not?)