Epic, page-160

Its not simple.

With the Ternera deposit which is one of 5 KNOWN (important word known hence capital letters) so with Ternera we are about half way or nearly half way up the first speculation curve.

BUT

We have several more known targets (being likely deposits) within El Zorro. That are all going to be drilled.

AND

Then we have an unknown number of targets and deposits in our 55km of expanded footprint.

This is not an ordinary situation. Most mining specs are definitely not in this situation especially not in a Tier One proven gold bearing country like Chile with close infrastructure and a high level of security, economic and law an order.

So we might climb to near the top of explorer stage on one deposit and we are just starting to discover gold at another.

We could be drilling and discovering new deposits for years and this is quite likely IMO.

Not that we wont have pullbacks and peaks (we are in a pullback now after just having a peak) its just the speculation of what we might be about to unearth has years to run here.

Long answer short TSO probably doesn't fit into the standard box that this diagram describes. This diagram is more for your standard company that has one deposit drills it, defines it, goes through the studies, builds a mine etc.

We will do all that but at the same time IMO we will always (for the foreseeable future) be drilling new ground and new deposits at the same time.

Hope that makes sense...