Ann: Quarterly Activities Report & Cashflow, page-9

Flexmw,

Hope you are well.

I'm not properly across the Pantheon activities, other than they are operating on State land and close(reasonably) to the Dalton Highway.

88e by comparison, are on operating on Federal land and their Merlin 2 location requires something like 80+ miles of snow roads and a bunch of ice pads. That takes a lot of time to construct and that is based on when they are permitted to access the tundra.

So even if both the State and Fed open up access at the same time, 80+ miles compared to something like 20 miles, adds up to much greater cost and less time on the ice.

When you are operating on the fringes, time is of the essence and on the fringes it is in short supply.

Just my thoughts.

Cheers