Ann: Project Icewine Conventional Farmout Executed, page-38

Spiney I don’t think Dave’s job will be to keep this SP stable. The CR is a given - so he will want to give the SP a push. YG holds some opportunity if the neighbours provide some insight and knowledge. Then of course there is the start of HRZ farmout discussions in 2H which may cause a spike. So I think the plan would be to drip feed the news - push us up to 2-3 cents - then do a CR. A CR where we are now will sadly see us down to 1.3 - 1.5 cents - that’s a tonne of dilution to get a decent sum to keep this show on the road .. Now back to my Montepulciano D’ Abruzzo