Ann: PNM Investor Webinar Presentation - Kolosori PFS, page-4

From the call yesterday I get the feeling they have gone into cash preservation until the Glencore funding comes through. They are burning cash because they have been building out the wharf and accomodation camp. Easily to go slow on that for a few weeks.

main things from here are:
- export license (formality but still subject to government timeline)
- Glencore funding
- construction updates
- first ore

i followed up the call with a few questions and the feedback I got was that they anticipate getting to first ore pretty quickly - it’s all about getting the haul road properly built and stable. Do that and everything else is easy