Ann: Updated Resource with Substantial Indicated Classification, page-35

Re the point on dilution - I do see this type of dilution as being different to explorers dilution where you raise to fund only 'potential' value creation for shareholders (drills might not impress). We currently have an option to buy and using the funds raised to take 51% ownership of the asset, creates immediate value for shareholders beyond, I think, the value of the asset itself. Just ramblings though until the market agrees.