Ann: Full Year Statutory Accounts, page-5

A trial mining license for 50,000t at each lease. A contract for 20t per month at the pilot plant = 240t per annum. Slight tonnage disparity there. Will allow for some nice cherry picking though.

With the information available, I think it would be irresponsible of the Brazilian gov to approve a trial mining license before they have drilled for confirmation of mineralisation continuity. Governments, along with natives don't like unnecessary ground disturbance so you'd think they want more facts than grab samples to support their trial mining claim. I'd be surprised if it was approved, however, this is Brasil we are talking about.

CR in the next 3-6 months is likely - will be interesting to see if there's any Sophs that have lined up to take up a private placement.


Wish they'd just get the drills out in force so I don't need to be a skeptic. Delineate an ore body, bring it to JORC standard pronto - then undiluted finance is more likely to assist with the complex metwork and then bring to full production ASAP. Or is there a reason why there doesn't appear to be a rush to get the drills on site? hmm.

My biggest concern here is the excuse of 'economic scalability due to complex mineralisation' is an easy way out for the company in the end. The scalability is a bigger concern than it's portrayed imo and it still doesn't make sense the work they are doing before even confirming an economical deposit.

All this met work and expense before even delineating an economical JORC standard deposit to confirm what they are doing is not a waste of time.... one has to question.

Interesting story.