Who is going to get a bargain!, page-738

"This board will ultimately be judged on its timely ability to deliver the ("Hillside") project - no more excuses it has been in the go bay for 3 years - one cannot overlook the fact that we engaged Grant Samuel in a formal financing process in 2020."

Delivery to date does seem a problem for our Board with both Hillside and The Hog.

It is now three years (June 2020) since we were advised that the Bells Scoping Study was a stand-alone low-cost start-up heap leach opportunity. Based on a gold price of US$1550/oz the start-up had a pay-back period of 1.9 yrs and with the gold price over the past three years averaging around US$1800/oz since then, payback could have been achieved earlier. At the current gold price the free cash return for the forecast 39,000 oz annual yield would be around US$39M pa, something that would surely have facilitated Hillside financing.

Hindsight is a wonderful thing and no doubt this will be pointed out in subsequent posts by others. My concern is that the Board had a viable opportunity in 2020 to "value add" and three years later, despite the continuing positive drilling results from The Hog, the fact is there is little or no value adding. Hence with the appointment of Treadstone Resource Partners I hope that their brief includes a short term objective to explore opportunities for early value adding.

Hopefully soon I can eat my words?