Ann: Quarterly Activities Report - March 2023, page-5

Hi Seagull, here is a quick accurate summary;

It will be C$25,000 for each of the 3 projects totalling C$75,000 for the right to complete initial exploration work over the first 75 days ending on 18th of May next month. DAF then have until 31.12.23 to complete any other work before they bite the bullet and pay C$150,000 x 2 plus C$100,000 for the third project totalling C$400,000 for all 3. Once payment of these milestones are complete DAF have two more milestone payments C$1,850,000 for all 3 due on 31.12.24 and the last milestone payment of C$2,500,000 if they find merit in all 3 project areas.

If DAF only choose 1 or 2 projects, the payment totals will be less.

Lets just hope the results are very positive. The way the company has structured this deal, the capital required will be raised at much higher prices on the back of good results. DAF have struck a pretty organised deal structure and have shown a track record of prudence in their expenditure over the years.

Happy to let these results speak for themselves. DAF is certainly flagging that their expectations are pretty positive.