I noticed that as well in relation to MN and timing of drilling....

I noticed that as well in relation to MN and timing of drilling. I think there are 2 ways to interpret that hint around timing:

1. We have been hearing for a while now about STM pursuing potential JV parties, etc. One possibility is that this is JV side is indeed progressing and the outcome from that will dictate the drilling (both from a target selection perspective and the financial resources available which will dictate scale of program). If so, we may see something on this front in Q2/2024 and then drilling gets underway in late Q2 / early Q3, but at a different scale than current financial resources would allow. The recent change in management structure possibly also points in this direction and certainly there seems to be a lot of larger player interest in Ecuador at the moment.

2. The other (less attractive) interpretation is that they are taking their time in evaluating the trenching results to try and identify the best "bang for the very limited bucks" drilling targets.

As always, patience is required to see how this story unfolds.