Well things are certainly fluid with Antilles. My thoughts on a...

Well things are certainly fluid with Antilles. My thoughts on a near term review of strategy would be.

Prior to arbitration decision (Q4 CY 2023)

• Cease additional exploration expenditure if no penalty for halting works. If there is a penalty only spend what was previously contracted and don’t add additional drilling. We'll get to it at some point in the future.
• Focus on projects which can return near term cash flow (although this is still 2025 onwards if we get these to mines). Dependent upon outcomes of SPP and available cash we maybe can only focus on 1.

1. MRE and scoping study for NS. From this can either negotiate pre-sales from concentrate buyer and go to mine, or negotiate divestment of part/ all of our interest (have we paid the full $1.5M USD so we have the interest). Not really a fan of divesting NS given the porphyry sits underneath it (or somewhere in that area).
2. LD – finalise DFS. From this can either negotiate pre-sales from concentrate buyers/ loan from equipment suppliers and go to mine, or divestment of part/ all of our interest. I think we still need to stump up $4M USD for our interest (out of original $15M USD). This is a stand alone project so may be better to divest this one.

• Continue negotiations around what our interest will be (and what it will cost) for El Pillar porphyry and Sierra Mastre Cu properties).
• Negotiations around interest in new oxide gold project.

Post arbitration decision

Based on outcomes look at ways we can increase shareholder value

• If we don't get any money look to slow play EP and new projects whilst we focus on NS and LD and generate some cashflow to progress new projects.
• If we do get a fair outcome:

1. More exploration EP porphyry plus Sierra Mastre Cu properties.
2. Exploration at new oxide gold project.
3. Wouldn’t consider share buyback unless we were confident we have enough funds to significantly improve share price prior to having to raise again (most likely for project development of El Pillar porphyry project.

Any thoughts? Perhaps we could add to this and send it to the company to save costs of the advisory group.

Cheers