Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

inflationary pressures, capital spend blow outs and labour shortages all contribute significantly as to why you would not want to start mining in this environment.

I've been speaking to a number of MDs of juniors who were in a position where you could say they are/were study ready. But since the recent downturn there seems to be a general consensus from the juniors that the market will recognise exploration upside and success at a better multiple than studies, development etc. This commentary has more so been from the Base metals & Lithium camp but there is still some cross over.