Does Andy know something we don’t? Why would you put $2m at 6%...

Does Andy know something we don’t? Why would you put $2m at 6% unsecured when 2yr risk free Australian government bonds run around 4%. Presumably, if the loan is not repaid by the due date, the loan could be extended, or settled for a much larger equity position as the SP will probably be significantly lower than it is today. If it can be financed/settled, the inference would be that the project has some technical/financial legs (by a sophisticated investor/operator/mining company) and the SP will respond accordingly. Win on both accounts.

The SP high was clearly related to drilling results but the company has not really moved on from being an exploration play with a resource estimate with some benchtop/pilot? scale met input and conceptual (ie not based on an announced Mineral Reserve) mining study. Further, the met work was conducted on a clearly unrepresentative (Stated 0.46% Sn Bulk Sample, some 17% higher than the JORC Resource Average of 0.39% Sn) samples.

Looking forward to the next announcement to see what has changed. I may have much more to say then as still waiting to see a clear pathway to production. When was the DFS due??

Will remain on the sidelines with an investment decision to take place following that announcement and subsequent assessment. Not into it just yet.

This story is frustrating give Tins promising future and what the mineralization appears to be.

Good luck to all.