Ann: Termination of Sprott Facilities, page-21

Just a few thoughts to temper your enthusiasm for this project Indexfund: I think we all agree that there's a reasonable history of gold mining operations in PNG (although 100 years or so of mining in the area wouldn't qualify as very long at all), however the average gold grade at Woodlark is 1.1g/te, so no matter what hits they're getting in the individual holes, Woodlark has to be classified as a low-grade gold deposit. And what they've really done with the drilling so far is to increase the confidence in the overall 1.1g/te mine grade, via infill holes. The JORC resource is ok, but with an increased CAPEX and likely increased operating costs, financiers will require them to either increase the resource size or get the bulk grade up. ...Given Sprott were able to extract hard terms on the project finance and now withdrawn, the GPR team will likely have a torrid time attracting Tier 2 financiers, never mind "Tier 1". Please note I solidly wish the GPR team (and existing shareholders) every success, but the pragmatic side of me knows that once a project derails, it's a heck of a job (and usually a lot more money) to get it back on track.