Ann: Quarterly Activities Report, page-142

Precisely KTM1, you’re on to it!

“Bringing the project into production and Cash Flow from a low capital, low strip ratio, high grade, open cut mining operation via a third party processing solution”

The 200,000 tonne operation - low capital, low strip ratio, high grade (“+8g/t”, open cut mining operation, on the face of it and by the numbers, looks like yielding $32mil in cash.

Could be >$32mil , if recovery rates meet industry standard of 95% , not LNY’s historic rate of 87%.

With $32mil in the bank, and if they can secure an appropriate JV, NZ startup looks promising.