Guys and Girls, I have refrained from responding to what is a...

Guys and Girls, I have refrained from responding to what is a lot of double guessing and conjecture but in a word   ....chill. My reading is that there is nothing sinister or untoward going on here. As Lockitt has said, S32 is a big company and their due diligence processes are probably a lot more bureaucratic and slow than for a smaller company like Inca. Also don't forget that we are in the slow Xmas-New Year period where people actually take holidays and work stops.

My understanding is that the extension is a matter of being conservative in planning so that there are not further extensions whilst details of the JV are sorted. Remember that this is essentially a legal document and will be the basis for any future discussions, negotiations or arbitration over disagreements- so it is absolutely CRITICAL that they get it right and cover all scenarios likely - first time. I would much rather a slight delay, upfront, at this stage, than a protracted debate or dispute at some future time, if there was a dispute over what the specific agreements or obligations. I will be surprised if the extension is anything like another 90 days and see this as conservative and prudent planning.

Don't forget, the issue is now about S32 agreeing on the specifics of the JV agreement (eg exploration program details and schedule, JV management specifics, due diligence sign off, etc, etc) and they have not formally announced the most fundamental components which of course is a $US 9 million commitment for a minimum of 4 years. Those are the big ticket items and they have been agreed and announced. Now we are talking about the specific nuts and bolts - which from my experience always take the longest time, even though they seem to be the small stuff.      .... As the saying goes   ......   Don't sweat the small stuff!!!