Ann: Red Bore Video Update, page-9

So, SFR must spend $1.5m within 18 months.

I expect that it will know by then whether or not it's worth pursuing. If it drops it, then what then for THX and RB?

If it does pursue beyond that period, then it has an indefinite time in which to JORC 30k tonnes of contained copper metal or equivalent, provided that it pays for all upkeep and exploration. How long could that go on for?

As Tony says, THX still has 90% until the JORC, but what's that worth in real money terms? I suppose that it would have some inherent value seeing that SFR would have been encouraged to carry on, but it would only crystallise, and also increase, should SFR hit some good grades and widths which could lead to the 30Ks. The JORC would then reduce THX to 15%.

If that were to occur though, did I hear Tony say that THX would be free-carried until production? Is that what he said?