it’s not just GWs that I have questions about. It’s what lies...

it’s not just GWs that I have questions about. It’s what lies deeper at WW, 4P, to the north of NN, etc. the discovery of Pepper has raised the possibility of other Peppers there may be at depth. Pepper starts at a depth (500m or so) they have not really drilled these other deposits to that depth yet.

We may find drilling from the decline will start answering these questions sooner rather than later ie in late 2024 as they are starting drilling from the decline before the decline is finished plus they are digging the decline from both ends not just from one end.

I would not get too hung up on the $1 price for this reason.

If SPR continues to report great assays and we see a significant increase in the MRE at NN and a start of one at Pepper eg combined of say 1.5m Oz or more in mid 2023 - ie next 6-8 weeks.

Will the market go who cares it is still only worth 70c? My view is the SP will increase above 70c eg to 80c to 90c. Will Tempo still want a minimum of the not $1? In my view they will then want a price of say $1.20.

My view is the increase in the NN/Pepper MRE will be higher than previous upgrades ie higher than the previous 400k Oz since they have drilled much deeper below the previous deepest holes ie now 400m compared to previous efforts of 150m maybe 200m and found Pepper.

in other words my view is that Tempo’s $1 is a point in time view based on what they know now - ie if a bid came now they are saying we want at LEAST a 50% premium to get our attention from a serious bidder. But their view will probably change in 6 more mths wanting a 50% premium over the then SP eg if SP is $1 in 6 months I bet they will want $1.50.

It’s the % premium Tempo want above the SP when the bid us made which is key.

Not sure if I have explained my point that well.