Ann: PERU DRILL PERMIT UPDATE, page-82

If you go back and read the financial press for the 4 weeks leading into S32 decision to withdraw you will see all the evidence for why they withdrew.

My conclusion, and there is a lot of evidence to support it, is that S32 were in trouble on a number of fronts and the bean counters stepped in (they run S32 not the geologists) and pulled the plug on several promising exploration projects. S32 were haemorrhaging money at the time and the razor gang were seriously at work. This was all back at the beginning of COVID when it looked like the world could be ending and S32 cash cows like Sth Africa (aluminium and manganese) had turned nasty. Manganese had dropped from over US$6 to around US$3 and that was probably the fat S32 were intending to use to fund programs like Riqueza.





Probably worth keeping in mind that S32 thought Riqueza of sufficient interest to warrant spending the cash on the studies in the first place. There has been an enormous amount of work done on this project, all with the intent to decide where to drill...we are getting towards the pointy end, pun intended