To assist Rands understanding.1. The mine has changed hands...

To assist Rands understanding.

1. The mine has changed hands once. Ormonde were partners with Oaktree and obviously they couldn't make it work. Oaktree took over Ormonde's stake and looked for a new party. They met with a number of groups and selected EQ Resources.
2. EQ Resources has stated that acquisitions were part of the picture. This was part of the reasons for MOU with Masan and ERMA. It wasn't a major focus, but they would look at opportunities. Any competent management team would explore future options.
3. The recent update from Spain suggested some major improvements already. The team has indicated the deposit is similar to Mt Carbine and we can provide 2-3 years of learnings from the restarting of Mt Carbine and apply it to Saloro. It looks like the Ore Sorter is going to be a major improvement. Spain's production has increased from about 90 tons per month at the beginning of the year to around 140 tons per month. The management team are on site now and hopefully they will be able to provide more insight regarding the improvements they can generate.