Never have any cash, page-24

Today we learned that discovery costs money.

The reality is that, there is a building global deficit for garnet which looks to be increasingly more severe than initially anticipated.

What we do know is that the resource size they are sitting on is undeniably world class, the board have an intense amount of skin in the game. Multiple parties have expressed interest in future profits/resource allotment in exchange for equity.

Whilst the $100m cost is comparatively daunting, there are a lot of opportunities available to raise, which I expect will be stratified pending a positive PFS announcement.

It is not unreasonable to suggest given their skin in the game it is in the boards best interest to avoid diluting themselves too strongly. This will be the preferred angle of approach and lead been evidenced as a key point of focus in their strategy bringing this operation to life.

In the grand scheme of things $100 million is still much cheaper than a lot of explorers encounter when looking to progress a project.

There is a lot of commercial interest from businesses who cannot function without this resource, the opportunity cost to not see this progress and potentially earn a reduced cost on the resource needed is too good of an opportunity for many parties facing much tougher operational conditions.

Management know the value of what they have, and aren’t ready to sell away too many seats to the table.