Ann: Results of Meeting, page-128

yep my interpretation / understanding was El Pilar was in but as you say it's all about the final $2m payment to get things progressing

additional adjustments to the agreement:

• removing the 50% ownership limit on any future JV major partner (logical for something to potential scale of El Pilar)
• removing limit of the 100m depth restriction for NS

my further understanding was that a seperate / new JV agreement would be drawn up to take on board the 50% restriction being removed and that it would be copper focussed which then will include Gaspar and the South East too, it'd be that JV that would allow a major international JV partner to own a majority share with the Cuban govt and AAU being minorities, but of course that gives that major some confidence in spending the dollars to build a signifiacnt copper operation.

the thing that I think people need to also consider, is that whilst JV agreements could be put in place sonner than later without as many restrictions, there still needs to be further infill drilling below NS to establish an MRE for the porphyry system itself, and that'd be the point when a major would commit as a long term Copper partner. That infill drilling may come via a farm-in which either goes ahead or walks away, it all depends proving there is a resource to a JORC standard wrt Copper.

All of that above, is seperate to the Offtake Agreements and forward advances of concentrate sales for NS, which can / is being viewed as a stand alone NPV decision with parties taking their view of future Gold and Copper prices as they do, the offtake advances to fund towards the Capex to build NS. It is also expected and has been mentioned in announcements that the MRE for NS itself could see upward revisions and extend latterally with minimal drilling.

So yeah $2m to close out the AAU contribution and an Offtake Partner for NS, then the wheels start turning.