Ann: Successful $5M Placement, page-47

Just a few points, with winu/calibre coming online est 2025 this provides additional options for funding projects. You're not going to knock out a PFS, DFS and BFS all in the same week so 2025 isn't that far off in the scheme of things for those with time to wait (or too entrenched to invest elsewhere).

Now commenting on the company needing to take on debt or CR to fund a $300million project making the shares utterly worthless is a bit of a generalised statement in regards to a viable business model of a small cap/project. No bank is going to fund a build at this price point without a share consolidation and any CR will be for a partial/viable amount. But this is for a generic small cap and as previously stated with calibre coming online its not a generic situation.

Yes people can say let's see a PFS to confirm numbers of viability of minyari but a PFS won't provide much more than what the scoping study provided. The numbers were there although not overly impressive especially considering the price of gold was crushing operations not long ago.

There are ways around this, we know Telfer will have excess processing capacity just needs a deal struck but ofcourse need to see who owns it first. With shareholders approval coming up for the Newmont take over and the possibility of it being sold on, you would guesstimate mid to late next year for that situation to settle down for any possible talks to take place (if not sold with it). Alternatively, if Tetris/other hits over 5Moz+ prior, then minyari will go that direction.

Seems just a waiting game for us and management, while they drill we either trade the pips or bottom draw it and play the pokies.