Four stages. Each one has to earn the next.
We release money in stages, and only when the last stage has given us a reason to keep going. It is slower than betting on a single big drill programme, and much safer for everyone involved.
| Stage | What happens | What must be true before we move on |
|---|---|---|
| 1. Screening | Desktop geology, title and legal checks, site visits, due diligence on the partner | A signed joint venture agreement, and a licence held or under application |
| 2. Exploration | Mapping, soil and rock sampling, trenching, geophysics, drilling. Assays at accredited laboratories | Drill results good enough to estimate a JORC resource |
| 3. Feasibility | Resource estimate, metallurgical testwork, mine plan, environmental and social impact assessment | A positive feasibility study and permits granted |
| 4. Development | Construction, equipment, processing plant, commissioning. Gold is processed to doré locally and sold to accredited refiners | Board approval and project finance in place |
Where old tailings or a small high-grade deposit allow it, we may put in a modular processing plant during stage 3. It brings in early revenue while exploration carries on.