Ann: Quarterly Activities Report, page-3

It's a missed opportunity and clearly indicates the limitations of the Peel management and BOD - they are explorers only apparently content to rest on their laurels in that regard.

Metallurgical testing has already been carried out - we waited many months for it and it was reportedly the reason for the prolonged delay in updating the MB/T1 resource. The issue of metallurgical recovery of oxide and transitional ore should have been identified and resolved much sooner as after all T1 was discovered in excess of two years ago! When are we going to get the T1 resource as distinct from the combined MB/T1 resource? What is the time frame for the PFS now?

A suitably credentialed project manager should have been appointed as soon as the PFS study commenced mid this year. Instead it appears to be treated like a ping pong between the consultant and the two JV partners. Who is accountable here for this unacceptable delay?!!! This project involves minimal capital and is cash flow positive to the tune of tens of millions of dollars. What is going on?