If you look at it as a percentage of capital expenditures, admin...

If you look at it as a percentage of capital expenditures, admin costs are averaging around 20% in less active quarters and 15% in active quarters. This means 80-85% of capital is going into the ground. Pretty good when compared to the plethora of penny dreadful explorers.

Furthermore, when you’re exploring at a large, sophisticated level like Chalice, naturally the expenditure on personnel increases. The head geo on the team looks like a bit of a rockstar for example. The head geo in Canada also has quite a resume too.