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Bullboard - Stock Discussion Forum Boron One Holdings Inc V.BONE

Alternate Symbol(s):  ERVFF

Boron One Holdings Inc. is a Canada-based mineral exploration and development company with its assets in Serbia. The Company is engaged in the evaluation of mineral properties in Serbia. Its project includes Piskanja. The Company's Piskanja property covers an area of approximately three-square kilometers. The Company’s subsidiary is Balkan Gold Corp.

TSXV:BONE - Post Discussion

Boron One Holdings Inc > Simplified PEA vs Complex PEA vs Elaborate
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Post by VeryBusy on May 10, 2022 12:52am

Simplified PEA vs Complex PEA vs Elaborate

There is a very valid reason why the original simplified PEA was replaced with a more complex and detailed PEA which is substantially the same in substance as the elaborate.
 
Personally I agree with the decision to change direction before too much time and money was wasted on a simplified PEA.
 
The more complex and detailed PEA, which can be made public, will be much more useful to promote Erin Ventures’ Piskanja boron project than an equally complex and detailed elaborate which CANNOT be made public to the investment community. Besides, the elaborate will be written in Serbian while the PEA will be written in English.
 
I was thinking about transcribing the March AGM Conference Call but, at 90 minutes long, I decided not to bother.
 
I have selected key sections from the conference call to try to put together a succinct message from Tim during the call.
 
Tim briefly spoke about the JV partnership and then spent the rest of his time on the PEA, the Elaborate and other steps required to get the mining license.
 
For your information, SRK is neither the author of the PEA nor of the elaborate. Another company is generating the PEA and the elaborate.
 
If you have 90 minutes to spare and you can ignore all of the UM’s and AH’s, there is some good information in the call.
 
Beginning of quotes from Tim…
 
So that led us into the next part which was work, quote unquote, on the ground or desktop studies that were ongoing at Piskanja to advance it towards the mine license. And the first piece of that mining license equation, the first part, the documentation that we have to file is called an elaborate. The elaborate, the geological elaborate is the Serbian equivalent, loosely speaking, of the National Instrument 43-101 PEA. In other words it’s comprised of a resource calculation and of an economic assessment of that resource.
 
In other words, you’re saying: number one, you have a deposit and number 2, there’s economics to that deposit and you can make money out of that deposit. And so those are the two key components to the elaborate which is very similar to the PEA. And once again, our goal is to build a mine. Therefore, the elaborate not the PEA is the most important first document being generated as it is a step towards our mine license.
 
However, one of the problems as we saw it is that the elaborate CANNOT be shared publicly. It cannot be shared with you, our shareholders, as it is, you know, a Serbian compliant technical report. It’s not an NI 43-101 compliant technical report so by Canadian Security, that document cannot be shared as a valid technical document in North America.
 
So, for that reason, we decided to provide the public and our shareholders with a North American compliant PEA which is roughly equivalent to the elaborate. It does have a few key distinctions which I’ll talk about in a minute. But basically, doing both documents would both satisfy our requirements in our mine license process for the Serbian government on one hand, and secondly, give out shareholders and the public an updated, you know, technical report that shows the progress on the property and so for that reason we chose to do both documentation.
 
And so, let me start by saying that I appreciate the level of frustration and how long it’s taken to produce the PEA. I also share that frustration, but let me tell you why, in the end, we determined that this delay is actually necessary because it’s cheaper and faster in the long run and I’ll explain that because it sounds counterintuitive that the delay is in fact faster but it is.
 
If we go back to the 2014 PEA that was authored by SRK, the resource estimate within that assumed a homogeneous body of colemanite, or in other words, just one type of boron material within the deposit. Now that was all that we knew at the point in time and that was good enough to generate a PEA at that point in time but it doesn’t give us the quality of information that we need to actually build a mine for interpretation of the deposit is an absolute must… now why?
 
This is because there are many different types of boron which is different from a gold deposit. If it was a gold deposit, gold is gold is gold. And so really all we need to know within the footprint of a gold deposit is how many tonnes we have and what the average grade  is that that would be good enough, which was the equivalent of what we saw in the 2014 PEA. But the different is that boron is not like gold in that there are different types of boron that those different types of boron have different market values, need to be processed in a different way, have different markets that demand and so it’s very important for us to understand within the global boron deposit where within that deposit are the different types of boron located and what is the quantity and quality and location of each of those types of boron.
 
So in other words, there’s some colenamite and some tincal and some ulexite and some probitite and so on and so forth. And so now we create a realistic model to build a mine. We do not only have to know that there’s certain layers or beds of boron but within each one of those beds, where within that bed is the colemanite and where is the tincal and so on and so forth. This is the sort of detailed information that we need to know now about our deposit that we did not know from the PEA that was generated in 2014, the refinement of this deposit modeling not only gives us a much more accurate look at what is inside our deposit in terms of the different locations of types of borites but it allows us to make a much more realistic and improved mine design model that actually accommodates the strategic extraction of the different types of borite minerals from within the deposit based on market conditions and real world customer demands. In other words, if you know that over here in your deposit you have this many times of this percentage of colemanite you can go in a custom mine out that specific type of ore from that part of your deposit. So, understanding your deposit allows for the modeling of the mine design which is much more realistic and gives you a better understanding of how to extract the different minerals to meet that real world demand as well as allowing or more realistic surface beneficiation circuits that actually match the parameters of the deposit. Again, if you know that let’s say 80% of your deposit is colemanite, then your surface concentration plants for colemanite need to make up the bulk of your surface operation. If on the other hand, the majority of your material in the deposit is tincal that will change the equipment that you need at the surface and so on.
 
So again, understanding the amounts and locations of the different borites within the deposit allows for the design and planning of your surface plans, your concentration plans that are much more realistic. And so, all this is now going into the new version of the PEA and elaborate and because of that it has a much higher degree of complexity in the work that goes into it and that has added to the amount of time that it’s taking to product the PEA. But the good news is that even though it has slowed down the PEA, it doesn’t change our overall timelines for the mine licensing process as this work that I’ve just been talking about must be included in the elaborate for the Serbian government so it doesn’t have to be included for the PEA but it must be included for the elaborate. So this is work that we have to do anyway, and the problem is that if we went ahead and just did a simplified model of the PEA, we could have published it sooner, but then basically all that entire workflow on the resource calculation and the surface beneficiation plans would more than likely just be thrown out after the PEA and we’d have to start over again to product the much more complex model that’s needed for the elaborate. And so we would have to do the entire workflow twice, thereby significantly adding to both our cost and our time this way, because we decided to go ahead and develop the much more realistic and complex model first and use it both for the PEA and elaborate it has added additional time to the PEA but it hasn’t added to the overall time needed for the steps in the mine license process.
 
So, and to get to that point through 2021, our team of geologists worked for many many months reanalyzing the cores to understand and interpret all the different borites within the deposit. This is a very complex, very slow work and it was done by x-ray analysis, microscope analysis of the cores and so basically we have to reanalyze the entire deposit from start to finish. And so it took them several months of really hard complex work to do that and covid did play a role in the analysis as we did have some portion of the this work was done out in the field, analyzing the cores, reanalyzing the cores. And so we lost, you know several months because there were a couple of lockdowns in Serbia, there were in most parts of the world and we also lost equal amount of time at the university where a lot of the complex X-ray and microscope analysis was occurring because the university was also went to a lockdown. So even when our crews could get out into the open field, to do the work, they couldn’t get inside the laboratories at the university to do the work so that did cost us several months through 2021.
 
******* SKIPPED ABOUT 60 MNUTES ******
 
We have a prepaid IR budget in place that is pretty substantial and with this we intend to focus not only on North America but we plan to include the European market as well. Tim and I have recently had some experience over there and we’re pleasantly surprised to see the interest and reaction to our story. The only thing that was missing was our PEA and the numbers that go with it story. So that the plan will include road shows, virtual road shows, presentations, analyst coverage of which we’ve already initiated and have been in interviews and talk and then video interviews, YouTube etc. We really do anticipate that these activities bolstered with the PEA numbers and coming business side accomplishments really should have a positive e effect on the share price.
 
We’re making some inroads with some European interests, some analysts and institutions and so on and it’s been striking to me to find out how much the European mentality is because we’re a deal in Europe. We’ve kind of already checked that box and it gives us a leg up immediately where they’re more interested in the project because it’s in Europe. Because we’re in Europe, they seem to have a very immediate interest in taking a hard look at it. So the Europeans much to my surprise, are very concentrated on looking at homegrown deals. I think that’s in part because they have a certain sensitivity as a certain understanding of key minerals and of which boron is one of them and now dependent Europe is on them.
 
I can follow up with respect to the elaborate, we have a good idea of what the approval process looks like and what kind of risks might come out of it. There’s ways to mitigate your risk before you go in front of the committee. What happens is that the committee is comprised of five local experts, all independent of the government and independent of our project. They are mining people both from the geological and engineering and the metallurgical and so on. And as a committee they review the elaborate and you’re expected to defend it much in the way of a doctorate thesis is defended in front of a panel. What happens is that there is one main auditor that’s assigned to your project and it’s that auditor’s job to do a deep dive into the elaborate where the other members of the committee are there for general oversight. The one auditor is the one who goes through the elaborate in great detail and reports back to the other on the committee with his findings. The logical process, which we have followed, is you know who the auditor is and as your generating your elaborate, you invite the auditor to sit down with our team, as we’re generating the calculations in the elaborate to have him audit so that you pre-empt any issues that he has. So in other words, rather than waiting until you come in front of the committee, with your finalized version fo the elaborate, you invite him to sit in the process as you’re developing the elaborate and if there’s any issues or red flags there, at that point, you address them so that by the time you get in front of the committee, your auditor has already had a deep dive through the document and any of those concerns have already been addressed and corrected and so on.
 
That’s all folks!!

I hope that this will help some of you better understand what has gone on behind the scenes and what has caused additional delays that none of us are happy about.

Cheers,
 
VB

If you are interested in the complete transcript of the conference call, please see below for the Google Transcription (with multiple errors)... :-)

Over the next couple mind that takes us through all the expenditures to complete the elaborate. So early in 2021. We started the joint venture in negotiation process with them and it took until about the third quarter, to complete everything to conclude the negotiation of the terms of the joint venture to get the TSX D approval in place. Which, you know, that step alone took took a few months to happen. And of course, ultimately get our shareholder approval, which was a requisite before we can move forward with the joint ventures. So, by the time, all those various pieces came together, we were into about the third quarter of 2021. And then we could actually start with some of the work at the Scania. Finally. We had overwhelming support and approval by our shareholders to move forward with the joint venture with Thomas. I know we had in excess of 95 percent. It could have been a full hundred percent blazing. Correct me if I'm wrong that voted in favor and we had, we needed 50 percent of our shareholders to vote, and we were able to muster up in about a week's time something in the neighborhood of about 


75% of our shareholders, representing 75% of our shares. And so we had overwhelming support to move forward with the deal, and it is a good deal with chemistry and it's, you know, it's a fair deal for all it's certainly better terms and we were able to Source elsewhere from you know, previous negotiations that we had under way. A lot of you out there will remember a couple Couple years back. We had a new code that was serious. About moving ahead with us. Well, that deal would have cost us something in the neighborhood of about eighty percent of the company until an agreement, that that takes away. Our Equity needs Through To What We believe is a going concern. Mining operations for 50% is a real Fair Deal. 


Also, we found that we're very like-minded with Thomas with respect to our development ideas, how we proceed the best way. 


6:22 p.m.

Follicle develop the project. It is in accordance with with chemistry, is ideas and belief. And they bring a lot of things to the table, just decided the money they have. They add to our, you know, gaps and knowledge in several areas. They have, you know, financing ability and knowledge. They certainly have a good qualified team of geologists on board. With really good exploration experience report generation as several, you know QPS involved that that can help out with the the generation of 43 101. Qualifying reports. They have Metallurgy expertise and how they have Mine Development. Expertise in house Etc. They have good connections with potential debt Finance year. Yours that we need and want going forward on the development of the project. They have the ability to help Source other strategic Partners, like Boron derivative companies and so on and another Traders, they have good connections with some Metal Traders. If we're looking to develop which we are off. Take agreements. So very helpful group of 


Of capable mining people involved are Thomas. So they help round out our our management team very very well. The structure of the deal itself is a typical mining joint venture strap sure. It's it's not earn earn an option agreement. Whereby as they spend money towards the development of the project. They earn ever-increasing equity in bulk and Gold and sell their full 50% partner by having spent the 10.5 million euros. We Remain the operator on the property. And so we're at this point there, while they're giving, you know, some some advice and input on the development goals. And so on. We're the ones actually doing the the work and their funding, it going forward. 


Um, and in the event that there are unwilling or unable to make a payment based on our our budgets and schedules, which are agreed upon and approved, quarterly in advance of when they're needed. If they don't make a payment, we have the ability. On 30 days. Notice to pull the plug on the deal and all the work completed stop. It Remains the property of Vulcan gold. So it is a very standard mining option Arrangement that you know that you commonly see on a development mining project like this. So we were very happy to finally get that in place the other to prove and get back to work on the project through into late in the third and into the fourth quarter. 


Of last year. So the that led us into the next part, which was work, quote, unquote, on the ground or the desktop studies that were ongoing the at the Scania to advance it towards the mine license. And, and the first piece of that mine license equation. The first the first rack, Was it documentation that we have to file is called an elaborate? No, the elaborate the geological. Elaborate is the Serbian equivalent Loosely. Speaking of national instrument 42 101 Pea. In other words. It's comprised of a resource calculation and of an economic assessment of that resource. In other words, you're saying number one. 


You have a deposit and no. To there's economics to that deposit, another, you can make money out that about the deposit. And so those are the two key components to the elaborate, which is very similar to the to the Pea. And once again, our goal is to build a mind. Therefore, the elaborate not the Pea is the most important first document being generated as It is a step towards our mine license. 


However, one of the problems as we saw it is that the elaborate cannot be shared publicly. It cannot be shared with you, our shareholders, as it is, you know, a Serbian compliant technical report. Not an ni 43-101 compliant technical report. So by Canadian Security, Them that document that allow bread cannot be shared as a as a valid technical document in North America. So for that reason, we decided to provide the public and our shareholders. With North American compliant Pea, which is roughly equivalent of of the elaborate. It does have a few. You key distinctions, which I'll talk about in a minute. But but basically doing both documents would both satisfy. Our requirements. In our mind, license process, for the Serbian government on one hand and secondly, give our shareholders and the public an updated, you know, technical report that that shows the progress on 


On the property. And so for that reason, we chose to do both documentation. And so let me start by saying that I appreciate the level of frustration and how long it's taken to produce the PE. I also share that frustration, but let me tell you why. In the end we determined that this delay is actually necessary because it's cheaper and faster in the law. Long run. And I'll explain that. Because it sounds counterintuitive. That delay is, in fact, faster, but it is. And let me tell you why. So, if we go back to the 2014 PA that was authored by srk, the the resource estimate within that assumed a homogenous body of Coleman died. Or in other words. Just one type of boron McKay. 


Ariel within the deposit. Now that was all that we knew at that point in time and that was good enough to to generate a PA at that point in time, but it doesn't give us the quality of information that we need to actually build a mind. For interpretation of the deposit is an absolute must now, why? And this is because there are many different types of braces. Boron, which is different. Let's say from a gold deposit. If, if it was a gold deposit gold is gold is gold. And so really all we need to know within the footprint of a gold deposit is how many times we have and what the average grade is and that would be good enough, which was the equivalent of what we saw in the 2014, PA, but the 


Difference is is that Boron is not like gold in that. There are different types of boron and those different types of boron have different Market values. Need to be processed in a different way, have different markets that demand. And so it's very important for us to understand within the, the global Boron deposit. Where within that deposit are there. The. Different types of boron located and what is the quantity and quality and location of each of those types of boron? So in other words, there's some Coleman died and some tin Cal and some you lack side and some probity and so on and so forth. And so now to create a realistic model to build a mind. We not only have to know that there's the certain layers or Badge of boron but within each one of those Those beds where within that bad is the Coleman died and where the king Kau and so on and so forth. And I guess, you know, I put it into a different analogy. Let's say you have approved Orchard and you've got 100 acres of fruit, but that's all, you know, is you have 100 acres of through it. You're not going to be a very good farmer if that's all, you know, why? Because within that hundred a 


Is a fruit. Well, the different types of fruit have different market prices. There's different demand for them. There's different processing methods that are required. They ripen at a different time. And so you need to know that over here in this section. We have this many acres of apple trees and this many acres of cherry trees. And so on. This is the same sort of detailed information that we need to know now about our Deposit that we did not know from the PE a that was that was generated in 2014, the refinement of this deposit modeling. 


Not only gives us a much more accurate. Look at what is inside our deposit in terms of, you know, the different locations of types of borides, but it allows us to make a much more realistic and being improved. Mine design model that actually accommodates. The Strategic attract extraction. 


Of the different types of boride minerals, from within the deposit based on market conditions, and real-world customer demands. In other words, if you know that over here and their deposit, you have, you know, this many times of this percentage calma night, and you have certain market demand for that Coleman night. You can go in and customize out that specific type of or from that part of your deposit. So, understanding your deposit allows for, In the modeling of the mine design, which is much more realistic and and give you a better understanding of how to extract the different minerals to meet dot real world demand, as well as allowing for more realistic. Surface beneficiation circuits that actually match the parameters of the deposit again, if you know that. 


Let's say 80% of your deposit is calma night. Then your surface concentration plants for Colma night need to make up the bulk of your surface operation. If on the other hand, the majority of your material in the deposit is 10 cow that will change the equipment that you need at the surface and so on. So so again understanding the Amounts and locations of the different borides within the deposit allows for the design and planning of your your your surface plans. Concentration plans that are much more realistic. And so, all the It has a much higher degree of complexity in the, the work that goes into that and that has added to the amount of time that it's taking to produce the PA. But the good news is, is that even though it has slowed down the the Pea, it doesn't change our overall timelines, for the mine licensing, process, as this work that I've just been talking about me. 


Be included in the allowed. For the Serbian government. So it didn't have to be included for the Pea but it must be included for the elaborate. So this is work that we have to do anyway, and the problem is is that if we if we went ahead and just did a simplified model of the Pea, we could have published it sooner, but then basically all that entire workflow on the resource calculation and the The surface beneficiation plants would more than likely just be thrown out after the PE. And we'd have to start over again. To produce the much, more complex model that's needed for the elaborate. And so, we would have to do the entire workflow twice and thereby significantly adding to both our cost and our time this way, because we decided to go ahead and develop the much more. 


6:37 p.m.

Mobile first and use it both for the Pea and the elaborate, it has added additional time to the PA but it has an added to the overall time needed for the, for the steps in the mind license process. So and to get to that point throughout 2021, our team of geologists work for many many. He months reanalyzing the core to understand and interpret all the different borides within the deposit. This is very complex, very slow work and it was done by x-ray analysis, microscope analysis of the core. And so basically, we had to reanalyze the entire deposit from start to finish. 


And so it took them. Several months of really hard complex work to do that and covid did play a role in the analysis that we did. Have some portion of this work was done out in the field, analyzing the Cora reanalyzing, the core. And so we lost, you know, several months because there were a couple of lockdowns in Serbia's there were and most parts of the world and we are Also, lost an equal amount of time at the University, where a lot of the complex X-ray and microscope analysis was was occurring because the University was also went to a lockdown. So even when our crews could get out into the open field, to do the work, they couldn't get inside the Laboratories at the University to do the work. So that did cost us several months through. 


20:21 directly due to the pandemic and so. So that that slowed us down as well. And so, so the end result is that we would have hoped by now, to get to the point where we had the the PA done. But because this analysis that I've been talking about, has, you know, Proven itself to be, you know, really complex and really a challenge. It's actually taken our team, a few months, three or four months longer, you know, to analyze an aggregate. All this data into the 3D model than what they had originally expected. And so this this did cause a delay in the PA and for that, I apologize, but as I said in the bigger picture, 


It hasn't slowed down our our most important piece which is getting the elaborate Don and in and submitted to the government and and moving forward with the mining license process. And so that takes us through to, you know, looking at this year and and then to next year. And so, our goal for the balance of 2022 is first and foremost is to complete the the Pea and we are expecting not to to be completed shortly now. And it's certainly not, you know, months and months away anymore. We over the hump with the most complex part of it and and we expect a smooth sailing for for the last bits and pieces that are going into the report. So, we are expecting that to be completed in Fairly short order. Now on that. 


And and more importantly is the completion of the elaborate. And and again while it's similar in a lot of ways to the PA it does have some some distinctions as well. And so it will take we estimate probably another 60 days beyond the Pea to reconfigure the data from the Pea for use in the elaborate for submission to To the to the government. 


When we submitted to the government is is a bit of a question mark right now. And this, this goes back to the political situation that's going on in Serbia, over the last while, which I know hasn't been lost on. On our shareholders. We fielded a number of questions and rightfully so 


But for those of you who might not have heard if that's possible, sir. Be over the last several months. There's been somewhat of an upheaval in the mining industry in Serbia, which started with Rio Tinto and the development of their lithium deposit in the north part of Serbia, called The Yacht are deposit. And All of a sudden, you know, pretty much out of nowhere. This environmental movement came about because Rio Tinto has always maintained to the best of our knowledge, and everything that we've heard going on in Serbia, and we've got people, you know, who are, you know, very close to through the day-to-day happenings there. And, and the best that we had heard was that, you know, we attend to it. 


Maintain very good, very proper relations with the locals in the outer region. And and that the the locals were looking forward for the most part. There's always a few outliers, but for the most part the locals were pleased and and and excited by the prospect of what was coming up with the development of the at our deposit. It's a huge development. Rio Tinto is Is planning to expand about well a couple billion dollars and create a couple thousand permanent jobs and and several several times more in terms of secondary. Ancillary jobs being created in battery Industries and so on. But there was this upheaval from some environmental groups. 


And not brought the development at Yad, our to a standstill and the environmentalists had proclaimed without really, I think understanding or knowing the ramifications of their proclamations that they don't want to see any lithium mining in. Serbia ever period and then they left and thought. Oh, and Rio Tinto also have some more on there, too. Okay. And Boron to, without knowing anything about the processes involved, with either the the extraction, or, or concentration of the lithium, or the Boron, the, you know, made that Proclamation and it was the timing was tricky for the government in that. That it was in the months leading up to an election election, has been called for early April and this environmental protest had taken on a life of its own and there were several thousand protesters each day. So the government said that, okay, they're not proceeding with the license at at Yad. Our this is you know, what they've said publicly? 


Believe me when I tell you that there is much more going on behind the scenes. Then what's been reported in the news? There have been countless meetings between government people and all the embassies from the Canadian embassy did the American Embassy, The Finnish and Swedish and Australian embassies new. 


A embassy there. Meetings with the World Bank and the European bank for reconstruction and and and a lot of concern that that that this development had brought forth and but what were being told quite succinctly is that again behind the scenes much more going on and that the bottom line is Is that, you know, while the Serbian government told the protesters that at that time, they were planning, no further development at yada are the reality is, is that once the election is over? They have no intention whatsoever of stopping. The development of you out our or any lithium in the country or any boron in the country. The government is 


Very Pro mining, of course, they want to see and and will insist that any, you know, mining development that's done, is done to the highest of international, you know, environmental and social standards, but beyond that can we expect to see lithium and Boron mining proceed in Serbia after the election? Yes. Yes you bet. And but now, back to what I was saying, a few minutes before that with respect to our elaborate and when I will get submitted, of course, we intend to submit it as quickly as it's completed. However, the the election is underway right now in the election, won't be complete until early April. It's been our history of past election. 


Serbia at once the election is complete, it then takes a period of time for the new government to be formed. Once the government is formed. It takes a period of time for the Ministers of each Ministry to be named and then it takes an additional period of time. After that for their top layer of technocrats to be named, you know, the deputy, if minister of mining the The assistant minister of Mining and so on who are actually mining people not not politicians and and so from my past experience in Serbia, and and who knows? Maybe they'll you know surprises and it'll be, you know, somewhat more expedited this time. But but in past years, this process, if if the election were to be held in April, you would expect 


The new government to formally take their seats and actually be ready for business by default setting in September, you know, given that July and August are the summer shut down for the the government anyway, and so that would put us into a situation where we could should expect by September that they're there to be a new government seeded and And ready to proceed with new business. Now, are we technically bound to half the way to for a new government to be formed before our elaborate could go before the committee that's formed on behalf of the government to vet this. No, the answer is no, but because of the 


Political sensitivity right now in, Serbia surrounding Mining and general new mining projects in general and specifically lithium. And Boron, it is the the opinion of our people on the ground and there, you know, connections high up within the government that the likely the government is going to want to show that they're adding a layer of Any to these sorts of processes? And when will probably not want our committee this fit until September now that again that that's all, you know, best gas and speculation on our part. And hopefully it happens sooner than that, but we're kind of expecting. Got to be the timeline and so so of course Our intention is to number one complete the PE. She is absolutely quickly as possible number 2, on the heels of that complete, the elaborate, and submit that to the government. And hopefully they don't make us wait until a fall setting to proceed but we'll see. We'll see how that plays out. So, so that is an unknown on our point point at this part. 


At this juncture and of course beyond that for the once we submit the the elaborate the next step in the process for us is to proceed forward with the the feasibility study. And the feasibility study is comprised with the environmental impact study makes up the the next phase of Hole in the process. And it's at that point that we're issued the actual mining license. And so that is a big, big deal because a tremendous amount of our risk has, has has gone away at the point in time that there were issued the Mind life. So we've got by the calendar, we've got until September, 20 23. 


6:52 p.m.

Three to And submit the feasibility obviously where were anticipating submission, you know, well in advance of that and so that becomes our main pacing item beyond the completion of the elaborate and of course in town. And with that on an ongoing basis, we've got discussions going on with with off takers. With potential buyers of bore rights because again is a critical part of the development of any industrial mineral project is, is understanding, who your Market is, how big it is, what sort of demand, what sort of prices, you can, you can expect and and so on and and and more importantly just Understanding. It is actually getting some of those those initial contracts in place, with some end users who are willing to pay in the downs for the material to get a discount price for it, to secure their supply. And and and that helps us to number one gives us credibility and confidence that we can sell material. But also, Also provides some of the working capital that we do that we'll need for Mine Development going forward. And so that is certainly, the plan going forward over the course of the balance of this year and are you know, absolute primary goal for the first part of 20:23 getting that? 


Visibility done and get our mind license. Issued the war, you know and what impact you know, might or might not have on us in the short term. I mean, who can say, what would what happens in the short term with this war? You know, there's, there's all sorts of global uncertainty is their inflation. Yeah. I think that's become fairly obvious. Is that? They're an energy shortage. Possibly. Is there a looming recession as they're going to be stock market, Corrections or collapses? We know now, these are all short-term unknowns and that that are difficult to to assess and and, and to, and to mitigate in any way. Fortunately in the short term, none of these impact us because our work at this point is doing desktop study. 


Food to get our licenses in place. And so none of these things have short-term impact on us. Longer-term. What's the effect of this war? If in fact it were to carry on for any period of time? Well, believe it or not. It might even be good for us, green energy. The if there's one thing that that Europe in particular the world in general has realized is that we need to lessen our dependence. Dependency on fossil fuels, and what's in green energy. Well, lots of boron. Lots of boron boron has, is in the rechargeable batteries. Boron is in the solar panels. Boron is in the, the wind turbines. Boron is in the fiberglass, insulation, that goes into the wall, keep your, your home homes, warm, and cold. And, and, and so as the world gets serious, 


About moving away from fossil fuel, may be as a result of this war. Boron will certainly be one of the mineral minerals that benefit from it. Another thing is food supply, if were carries on what will be the impact on food supply because both Russia and Ukraine are major major producers and exporters of grains and Belarus who has seems to be 


Entering into the war as well. It's a major part of potash fertilizer supplier. And so the world. If again this war carries on for any period of time and we see Food Supplies being squeezed, there will be a greater need for other. Fertilizer usage to pick up potential shortage. And Boron. Once again is is one of these, you know, critical micronutrients that is being deployed in Wiser's worldwide. So as horrible as it is to say they're there. In fact could be some benefit to us directly and you know, to to, you know, Green energy companies, as a result of this were going on. I wanted to also turn it over to Blake for Menna to give a little bit of 


Update and on are, you know, ongoing marketing and I our efforts. And so he'll give you a little bit of backfill on that as well. So Blake can see there. I am there. Thank you very much Tim. Well, just as Tim was saying in this environment where, you know, pre this pending Skirmish or potential War moron. On Demand is through the roof. The world is not producing enough of it. And as many of, you know, if not all, we're sitting here with one of the world's, you know, the next world-class deposit of clean law reads. And and so it's, it's really important that we do. See these PE a numbers are timing, could be and I think 


Have really, really good here. We, we're anticipating the p in numbers much earlier than than this. And there are a whole number of business workflows at that. Tim alluded to at least some of them that are dependent on these numbers, but of course, it affects our ir and PR and marketing efforts as well. We need, you know, these, these updated numbers to round out our story. We have ticked some big boxes. You know, we have a JV partner, which is, you know, was always, you know, one of our big problems was, how do we get from A to B. How are we going to pay for this? You know, are we going to get to Mine Development? Well, that's a big piece of it and that box has been ticked. And and Tim has gone through very nicely white. A masses, is a good fit there. 


But this Pea once it's out, we certainly don't anticipate the numbers being any less than the old PE a which was spectacular, you know, we will then have, you know that and a pending application for a mine life. That will give us the components that are required to tell a really powerful and comprehensive story. We've been missing, some parts to the story and they're coming together, nicely. And so we're, you know, we're not just saying that we're on the way to Mine Development, but we got the, you know, the numbers under arm as we move into the next phase. And so, you know, we do anticipate a, you know, a very active year. 


Headed for ir and PR and and I in a couple of directions, you know, not not only, you know, once the Pea is out and all the engines, get up to steam and we're moving towards mind development and all the stages in between here. And there will be regular updates much more frequent news cycles. And I think that'll be a relief for, you know, many, if not all of our shareholders. But we also will have, you know, a very active year with respect to promotion and our plan from a high-level is to Target both, you know, institutional and Retail. But with you know, a particular focus on the institutions with our numbers in hand, which you know, we expect is going to show, you know, not only an intriguing story and project and then and 


Environment where people are clamoring. For borate. But probably, you know, I haven't seen a more profitable project in the bronze sector. So very, very attractive and we really think that, you know, with these pieces in place. It's time to really focus on the institutional investors and and, you know, with the goal of attracting new shareholders and new investors to to our to our story. You know, as Tim was saying, we just went through an exercise with Tay Mass where we had to go on the exchange wanted us to go to shareholders and see what they thought about this. 


Gambling joint venture. And it was really amazing to see that. You know, the number of shares that voted for the JV deal, but that we know these people and we know the people that hold these shares and we've known them for a long time. So what we need, you know, is some new players to come in and, and to, and we think that's a necessary ingredient in the improving, the share price. We do have a prepaid. I our budget in place that says pretty substantial and with this. We you know, we intend to focus not only on North America, but we implant plan to include the European market as well. Tim and I have recently had some experience over there and we're pleasantly surprised to see the interest and and reaction to our story. So the one thing that was missing though, however 


Sir rpea. And and the numbers that go with the story. So that the plan will include Road shows, virtual Road shows, presentations, analyst coverage of which we've already. We've already initiated and our have been in interviews and, and talk And then video interviews, YouTube, etc, etc. So, you know, we really do anticipate that these activities, you know, bolstered with the Pea numbers and and coming business side, accomplishments really should have a positive effect on the share price. And you know, not only that but the the once we have all these components in place, it really should strongly. 


Point to the fact that our current share price is an opportunity. So, I think that at this point I'd like to invite any and all shareholders to contact me directly anytime. If you know, you got any questions or comments. You can call me at eight eight eight, two eight nine three seven four six or just email me at Blake at are adventures.com. Sorry, so it's drying out here and if any shareholders are any of you speaking part shareholders, have any questions along with us? 


Just said, please go ahead and ask a question. 


Yeah, thanks Blake. And and the one thing I wanted to add you mention that we're making some inroads with some European interests, some analysts and institutions and so on and it's been striking to me to find out how how much the European mentality is. 


Soundtrack meaning because we're a deal in Europe. We we've kind of already checked that box and and and it gives us a leg up immediately where they're more interested in the project because it's in Europe, if it were on the other side of the world, in Mongolia, they might still look at it. But because it's in Europe, they seem to have a very immediate interest in taking A hard look at it. So the Europeans much to my surprise, our are, you know, very concentrated on looking at homegrown deals? And I think that's in part because they have certain sensitivity as a certain understanding of of key minerals and of which Boron is one of them and how dependent Europe is on them. And how 


How much they are at the mercy. The of, you know, I would side Supply chains with so many, you know, key input factors. And so when there's an opportunity to develop, you know, new resources within Europe, you know, there seems to be a you know, an immediate and significant level of Interest amongst the European investors and you know, analyst and so on. So I found that to be very interesting. 


7:07 p.m.

And I, All to chop into doubt over the over the upcoming months, and make some, some significant Headway. And, you know, broaden our shareholder base with, you know, some I'm hoping some, you know, significant substantial, you know, new new blood, new interest in what we're doing, on the European side. Yeah, good point. Yeah, it was I think it's a lot like going to a u.s. Broker about a job deal. It's within the United States. They're all over it. Soon as you go outside their region. They're a little less enthusiastic and Europe. Yeah, they they know Europe. They're familiar with where Serbia's what Serbia is? What you know where they are politically and very 


Trouble with it. So yeah, we we enjoyed a different attitude to be sure. Hope to capitalize on that both. Anyway, if nobody has any direct questions for me, and of course, you can ask a question of me anytime, but like, to open the floor, to any general questions that there might be obtained more myself. Yeah, exactly. And once again, I'll explain that. We've invited a number of some of our more significant long-term shareholders to participate today. Actively in the Q&A. Unfortunately, we can't extend that to to. Also, I apologize that that there's certainly those amongst you that that are, you know, deserving of the opportunity to ask question here, but just in this, in this sort, Setting. We just don't have about that ability to open it up to everyone. And so we, you know, we hope that those that we've asked to participate, you know, represent a good cross-section of our long-term knowledgeable shareholders. But so anyway, if anybody has a question, please, speak out. I invite your questions. Now, please also state your name so that I know who I'm talking with, and Again, once again, you know, please don't ask me to speculate or divulge information. It's not in the public domain because we just, we cannot do that as everybody knows. But without in mind, please are there any questions? 


I came and Blake. This is John. We have two questions and one might be for one might be for the other. The first question is we talked about. What's going on in the future? And what's happened in the past? As it relates to the PA and we have a partnership with Tavis and they're paying for the PA and all other Ford costs that are related to Scania. As far as the determinations decision-making, I understand that Vulcan gold is the operator final decisions because they're being paid for B Amos. Do they rest largely or completely on tamest as an equal representative decision between the two parties and and if there's a challenge who has final say that's first question. Second question is what is the temptation? 


In for an off, taker to engage at this quasi early stage. We don't have a mining license. What would be the attraction for enough for two engaged with Vulcan gold team has Sure. Okay. Good questions. John. Thank you. So first of all, the structure is that it is a, there is a technical committee is comprised of two members from each and it, and this technical committee are the ones who set out the specific work. That's involved at the the next layer. Next layer, meaning. 


On a quarter over quarter basis and and the budgets are provided monthly. The money comes into us. We, we actually do the work and expand the money and an account back for it. The part of the process that we underwent, right? From the very start, though, was setting out. All the work. 


I'm going to say today, but let's back up a year ago. So from a year ago, when we were sitting negotiating, a joint venture with Thomas through to a going concern, mining operation, and the entire budget required to get from there to there at, you know, broken down into into logical pieces based on the natural workflow. So The work and the budget required. To get, let's say the first piece which is through to the elaborate second piece to feasibility, third piece to the the mine design and layout and so on the and environmental study. And so, on through to the final piece, which is the Mind, construction, those global budgets were were agreed upon. 


As part of that whole negotiation process and relationship development process. So that's been globally agreed upon. So we know to get through each phase roughly, how much time, how much work, how much cost to do each piece, and then it's the. And so that was already laid out and agreed upon. That's, that's part of our working. Arrangement right from day one. So it's not like tomorrow. It's like well, hey let's let's not, you know, do this step or let's go over there and drill for for a copper mine or you know know. We know the steps, the timelines, the budgets through to a going concern, mining operation of Scania and that's been agreed to now within each one of those. 


Michael cause MZ each one of those steps within the global processed the technical committee meets on a quarterly basis to then go through some of the specifics that that might not have been covered and and and and to find tune certain items going through which is, you know, a normal part of the of the process and And, and, and then once the technical committee has agreed upon that, the operator, which is us has to has to then agree that, that is, you know, the logical next step in the workflow. So so we, you know, set out the entire workflow of it. That dictates, you know, how we get from where we are today through to a going. 


Journey. But it started with housing, the whole project mapped out, from where we are today through to, to a mining operation in great detail, you know, not not a back of the napkin. This was this was, you know, carefully mapped out and you know, multiple spreadsheets going through, you know, in great detail, all the the the costs and timeline. And workflows and and requirements and so on. And and then that was all agreed to and on the on the basis of that, the the quarterly budgets are set out. So does that answer your question? 


I think you're trying to get to his sentiments is challenging because there have been delays that are, I would say, unexpected unexpected because of covid on covid offense, Etc. So I think what I'm trying to get to is maybe that people understand investors, understand shareholders, understand that. There's a shared responsibility for the timing, the choices around the type of PA that's been created and that it doesn't lay always at the feet of one party or another and so it doesn't. It absolutely does not. It's this has as I said has been pre agreed to globally and then on, you know, on the on the microcosm level, there's the technical committee. That is equally represented and Requires the approval on both sides. Yeah, so thank you. I think for me, that that makes a lot of sense and I hope that it reaches out to other shareholders that are frustrated. I mean, you admitted earlier today, that you also frustrating with the time it's taken. And I think you're one of the larger, if not, the largest shareholder UFC and yeah, for sure it is. I completely agree and, you know, had I 


My magic wand to wave, you know, would I have preferred to see the Don, you know, several months ago? Yes, absolutely completely. And I said, I would try to explain, we could have generated a throwaway document, several months back, but it would have been just that it would have been a throwaway document because if we went with the simplified mine model, the Deposit model resource, calculation model. It would not have qualified for the elaborate. So we would have done all that work, get presented to you our shareholders and then threw it in the garbage and started over again to do the real work. The quote-unquote real work to create the model that's needed for the elaborate so we could have done all the work twice. 


Double up on on the time and the expense by doing it twice and you know, do it completely differently or you know in the end. We just said that that just doesn't make sense. So and so, you know, we did we backtracked and said, no, you know, let's let's take more time now and do the, you know, the more complex but more realistic model and then that At model that that, you know, gets inserted inside the Pea, can then also be bolted inside the elaborate. And so, ultimately, if you look at the Pea and the elaborate together, as one piece of workflow by doing it this way. Yes, it's taking more time to generate the Pea on its own, but it takes less time. If you talk about generating the Pea and the elaborate together. 


And at the end of the day, frankly, the Pea means little because that doesn't get us a step closer to the mine license. It's the elaborate that we need and the work that's gone into making, you know, this far more complex, robust model of the deposit. And therefore of the of, you know, of the mining operation side as well is absolutely a requirement for The mine license for the elaborate. So so like I said it at the end of the day. Yeah, it added some short-term frustration in the long-term know it. This is just makes eminent sense as the only way to go do it once and do it right. Instead of creating a throwaway document on your second question. You asked about about off takes. 


And you're right that, you know, the further away, we are from production. The more difficult, it is to secure a meaningful off. Take, we've had some discussion and some expressions of interest that is interesting, but you wouldn't 


You wouldn't try to take the document to the bank because we need to get closer to that. You know, that actual point of Mine Development and mine license. And so on before you can see, you know, a real serious level of Interest by off papers, but what the one thing we've come to learn is that the workflow for the off takers isn't over. 


I'd either. They're planning their. They're feedstock needs years in advance and they've got contracts in place, you know, covering the next two, three, four years. So the conversations that we're having today with potential users is based on their need today. They've got that locked down. 


7:22 p.m.

I there's an interest even today amongst potential off takers in having the discussions with us. Now, of course as we advance through each phase of the development process and get our mind life and can actually start, you know, breaking ground, you know to build a mine and so on as we get closer and closer to having the reality of a going concern, mining operation the more Or sense of urgency. There is on everybody's part to turn those expressions of Interest into, you know, good heart contracts, that that are binding on everyone, but it's not too early. Now, to start those discussions and the off takers, don't think that it's Toralei to early either, because as I said, they're planning, you know, not for next Wednesday. They're planning for, you know, four years down the road. 


And so we fit into those discussions for them. 


But you know, that makes a lot of sense. I think same thing. As far as you know, anticipation. How does it make sense? And we see that globally. There's there's investors that look, not even just to the next next business cycle or two years, but there's actually Investment Company. He said, think, generationally. And I think that that's what we're looking at with off tankers and they're looking too many years down the road and understanding Though that it's risk Capital at this point because even though we don't have a mining license, there's Anticipation by the off takers. That a my license is most likely and therefore the capital that they would choose to risk at this point is worthwhile to secure the asset. Exactly. Yeah, exactly. Right. And now the other thing that can get thrown into the conversation and often does is something that we bring to the table that other producers do not and others meaning, you know, Rio Tinto or the government of turkey and so on. And that's for the, the opportunity for a significant tops off taker to actually own a piece of their supply. 


Meaning owning a piece of us owning a piece of the deposit. That's something that we bring to the table as well. And and believe me. When I tell you that, that sort of conversation is definitely of interest to certain off takers know that that that idea of knowing that, you know, they've got a secure chain for the next, you know, 20 years or so, if you know secure supply chain that that That extends out, you know, for the next few decades is it is an interesting proposition for them. Not only for securing their supply chain, but a profitable supply chain because owning a piece of Asura pieces. The closet, they don't see that as as a loss leader for them. They see that as a wise investment and so those sorts of conversations Are occurring as well. So so we bring something to the table that that other suppliers do not. 


We can't. Thank you very much, Paul J. So the other question askers that I kind of hog the bike but thank you for your input miles. There was some value to everyone here today. Thanks, Joe. And sure there was thanks. John! Anybody else have any questions yet? I'm Glenn stasiak here angle, and how are you? Not too bad. I got them in a few chunks, like a few little chunks questions, but I'm hoping they're fairly short answers. I think you've already touched on the stuff already. So it shouldn't take long timing on the elaborate, like, you're from our side. 


To get it completed. If we use six weeks, as are we closer to under six weeks or over six weeks to get that part done throughout the elaborate. 


You know, so difficult to say, you know, if if everything lined up perfectly, could it be done in under six weeks? Yeah, sit could we're not really banking on that though. I am a that was saying that that I think a comfortable time frame from the conversations that I've had with, you know, the Consulting, you know, engineering firms, and are geologists and the authors of the report and so on. So on that they say that that about 60 days after the PA. So they finished the PA, they take a lot of that stuff and then, you know, reconfigure it in the fashion that they that they need to. Because again, there's similar documents but not identical. 


By any stretch, I mean 11 glaringly obvious difference, is that the PA will be written in English and and the, the elaborate is all in Serbian. So if nothing else, there's that. But but there are some differences in how certain calculations, you know, Resorts calculations are done under 43 101 standard. Under and underserved in standard. They there's not complete compliancy between them. So, so there are some things that have to be rejigger. And, and sometimes it's, you know, it ends up being a little more complex or less complex than what was originally anticipated. And so, you know, so they're their best gas right now is we're going to get the Pea out of the 


And they said 60 days beyond that, they'll be ready to be ready with the the elaborate is their best, guess right now, so, fortunately and I misspoke. I meant, I meant to me, six weeks for the Pea you had mentioned during your, the speech at large that it was about two months after the PA that the elaborate would be done. But I was wondering. Yes, he is. Under six weeks or over six weeks for the PE a part of it. Hopefully under six weeks. We're certainly targeting under six weeks and I really don't want to try to try to tighten it down any any further than that, but the the hardest part is behind the team. Now, you know, it was you know that the generation of this really 


Plaques 3D modeling of the deposit. And that's what what took, you know, substantially longer than what they were anticipating. The other pieces are far more standardized and we don't anticipate any significant delays, if any are so. So I Definitely hopeful that we have it done in under six weeks. We don't want to, we don't want to, you know, paint yourself into a corner by by saying anything specific in terms of timeline because that always seems to come back to bite us. I've got my fingers crossed on this again. Okay, but so I've got that elaborate about two months later and then it gets filed with the government and that may happen. 


In the summer, but with the election and the time they get their offices, filled likely this fall before they have a chance to sit down and really review it and approve it and passing. So yeah, that's my best. But but the second part, the second part of this environmental impact study. And that's the the next part after the elaborate, and how long do you think that will take from the elaborate? Being filed. I take it. You'll be working on that. Immediately following the completion of the elaborate. Yeah, and and in fact, there's pieces that have already been completed or that have been ongoing, you know, for last period of time but the the elaborate sorry, the the environmental piece itself is takes roughly the same period of time as the 


Ability study does which is which is about a six-month workflow to complete that and and again, it could happen a little faster, but that's kind of the window that the the Engineering Group has asked for it to generate a feasibility study. 


But that pretty pretty neutral and the other questions I had were about and I don't know what that you can speculate on this or not. But do you actually see Aaron Ventures? Mining or do you think there will be a an offer to take out both there and and tame us before? We've actually sat down and got the mining license, but I don't know whether you sure. 


Yeah, I mean I can speculate but it's it is only that it's, you know, I'm not hinting at anything that, you know, there's not a, there's not a wink attached to it to the statement. It's just just, you know, pure speculation. And I believe that that at some point we do become, you know, very real takeover Target. 


Because we are expecting. You know, that the numbers on this project are going to be really, really robust. And there's going to be, you know, somebody now bigger and better than us. It comes along and says, yeah. Okay. Now you you've de-risk this project. Now, we'll take it off your hands. Now, we're ready to buy it. And so, you know, that's that's just a guess. Again. I'm not hinting at at any 


Thing, I'm just I just believe that at some point a project with the sort of cash flow that this project has the potential to throw off is going to attract some suitors. I just believe that Well, thank you very much for those answers. Okay, here are your welcome, Glenn. Thanks for attending. 


Giancarlo. How you doing? Pretty good? Pretty good. Starting of the feasibility study and parts of it. You actually, or do we actually need approval of the elaborate, or after the pead library complete? You can actually The process and in a bit more. Yeah, so no, so we do not require the completion and approval of the elaborate to start on feasibility. Know and what does your new we can run those in Tandem and and we have looked at several models where you know, where we run a bunch of these in tandem. Now now, of course, there's some 


Pieces, they can't be running down them. They have to be run, you know, serially because the information depends on the information from the other study. So, for example, the elaborate, they, the main piece of the elaborate is the, the resource calculation, and that same resource calculation goes into the feasibility. Study. We don't do a new one. We don't There we don't embellish upon. That is our resource. And that's, you know, again when I emphasize the importance of having a good strong robust resource model in the elaborate Alyssa's. Why is because this is the last document that we will be generating with respect to the model of the deposit itself. And that model will be bolted. Onto the feasibility study will be bolted onto the my Mine design and when we, you know, when we start burrowing out the audit for the mine, it's going to be the modeling that was done in this. Elaborate. So it is a really, really critical piece the equation and that gets bolted onto the front and of the feasibility study. So it's very difficult if not impossible to generate. 


7:37 p.m.

Several sections of the feasibility study without first having that that resource calculation because it's all it all goes back to that. How what is the feasibility of a project? If you don't know yet, what your deposit looks like? So it all starts with that. So certain things half the run and to end other things can run in town them, and there is no. No restriction of doing that in Serbia, and then we've had those discussions that there are you know, many pieces of the feasibility that we can proceed with as quickly as we as we like is quickly, we have, you know, the bandwidth to do it, you know, the the human resources, the financial resources and so on. If you had unlimited, you know, number of qualified boss. 


And so on, you could you could accomplish a whole lot in town them. But but they're the certainly are pieces that we are looking to do in town them, and then others that need to run and pound. If I can, if I can follow up with respect to the elaborate, we have a good idea or any idea what approval process looks like. And what kinds of risks might come out of it. We do have a good idea based on on the fact that that this is their tried and casted protocol and procedure for the last many, many years on approvals of new mining projects. And, you know, do some food. Now it's on our board is 


Very accomplished geologist from Serbia who is the director of the National Geological Institute for a number of years. And which is the the government entity that the does, all the geological work on behalf of the government. And and and, and he is maintained all his connections within the, the the government, and, you know, the technocratic Slayer. And so, he Understands intimately not not let me back up and not only understands the laws intimately. He's one of the Consultants they come to to help write the laws and so he's he's extremely knowledgeable when it comes to you know, what are the protocols and processes that you must go through to receive approvals and there's ways of Ensuring that ensure ensuring that is the wrong, the wrong word to use here. There's ways to mitigate your risk before you go in front of the committee. And because so, for example, what happens is that the committee is comprised of five, local experts, all independent of the government and independent, of course of your project. And, you know, 


No, we're now and Mining people both from the geological and the engineering and the metallurgical and and so on. And as a as a committee, they review the the elaborate and, and you're expected to defend it much in the way of the way of a doctorate. Thesis is defended in front of Of a panel, but what happens is that there is one main auditor that's assigned to your project and that it's that Auditors job to do a deep dive into the elaborate where the other members of the committee are there for General oversight. But the one auditor is the one who goes through in great. 


Do tell and reports back. The others on the committee, you know, his his findings. And so, of course, the The Logical process, which we have followed is, you know, who that auditor is. And as you're going through, the generation of the elaborate, you invite the auditor to sit with our team, as we're generating the, you know, the the calculations, In the elaborate to have him audited on the goal so that you preempt any issues that he has. So in other words, rather than waiting, and until you come in front of the committee, with your finalized version of the elaborate, you invite him to sit in the process, as you're developing, the elaborate and for that, if there's any issues or red flags there. 


At that point. So that by the time you get in front of the committee, your auditor has already had a deep dive through the document and and, and any of those concerns have already been addressed and corrected and so on. So and and and so of course that has, you know, that was another instance of adding some time to our our process in that as As our team was developing the the resource model, the invited the auditorium and they went through and discussed various points, and he had to review things and then he'd come back with some questions and comments and those would be a draft and so on. And so by the time we went back and forth with the auger in that process, it took, you know, several weeks and maybe even a month. 


About back and forth. But again, it was time. Well, spent because it ensured that whatever issues that the auditor had with our elaborate were caught during that process of degeneration of the elaborate, instead of after the fact, when you're presenting to them. And, and so, so we're, we're taking all the right steps on Carla to make sure right now, Now that we're doing all the things that we need to do so that when we do finally have that final document generated. And we're sitting in front of the committee that that there's no surprises. 


No, we know where we stand already. Thank you. So so very logical. And the before I pass it on to others for questions. I don't express my personal appreciation, to both you and a few times. Both of you. 


Thanks. Again. Appreciate that. Yeah. Thanks. Always a pleasure. 


Are there any other questions? 


Okay. All right. If there are no other questions, then I would just, you know, once again like to take a moment very quickly to show our appreciation. I hope that our discussion here shed, some light on what's going on and I hope it was, you know, worth your time. And we do, you know. Thank you all for your continued. Support and patience as shareholders. And we're excited. We think that that the the top flooding is behind us and as we're moving forward to these development phases. Now, we think we're in for some real exciting times ahead of us and and I think that the hard work and patience of all of you and all of us will finally be paying off now, so, So once again, everyone can appreciate you attending here today, and, and if you have any follow-up questions, you know, how to how to reach us. Please do please reach out. Thanks very much everybody. And I said before, the recording of the AGM will be on the website Monday. Alright. Thanks again to everybody. 


By now. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.


Comment by ListenandLearn on May 10, 2022 9:00am
Many thanks for your input VB, always appreciate your insights. I still don't understand why the elaborate has not been submitted yet. Please correct me if I'm wrong but the first milestone is the Serbian elaborate. Correct ? So, why is EV talking about all this “new” work that has to be done. It's not new work, it has ALWAYS been a requirement of the elaborate, has it not? That this ...more  
Comment by VeryBusy on May 10, 2022 9:32am
ListenandLearn, The "new" work that Tim is referring to is their decision to include the more detailed elaborate work in the PEA instead of just producing the simplified PEA and that this is the reason for the delay in the PEA. It is clear that neither EV nor Temas should have given a timeframe for the release of the PEA or the elaborate because they have no control over when it will be ...more  
Comment by VeryBusy on May 10, 2022 9:39am
Sorry for the formatting... I'm responding on my phone. ListenandLearn, The "new" work that Tim is referring to is their decision to include the more detailed elaborate work in the PEA instead of just producing the simplified PEA and that this is the reason for the delay in the PEA. It is clear that neither EV nor Temas should have given a timeframe for the release of the PEA or ...more  
Comment by Lanagold19 on May 10, 2022 11:05am
VB.. They are not interested in why EV and TMAS are doing it in this fashion. All these people want to do is bash and blame everyone, right or wrong. 
Comment by HarryCrumb on May 10, 2022 11:13am
Not necessary cancer boy, just winding the boys up is all your doing, it appears to be in your nature,sad!
Comment by ListenandLearn on May 10, 2022 11:29am
How about we blame you for dragging the SP to your level?
Comment by Lanagold19 on May 10, 2022 12:03pm
Who is running everybody down, you or me. Go average down and be quiet. 
Comment by HarryCrumb on May 10, 2022 1:04pm
Just pointing out what you do, no 50 grand is enough.
Comment by Lanagold19 on May 10, 2022 4:27pm
You put a whole fifty grand into this... WOW.  
Comment by HarryCrumb on May 10, 2022 4:55pm
If you paid attention you would note I only call out you for stirring the pot and never adding value along with non intellectual comments. Smoke & Mirrors for sitting on their butt for over 20 yrs taking from the investors with so little in return. You don't like it change your behaviour.
Comment by Lanagold19 on May 10, 2022 5:49pm
Smoke and mirrors you know the rest. Run us down and you get what you get. Like you said you don't like it change your behaviour. 
Comment by HarryCrumb on May 10, 2022 6:48pm
Ironhorse says "Smoke and mirrors you know the rest. Run us down and you get what you get. Like you said you don't like it change your behaviour.  now let's digest this. What does your first sentence mean??? Second sentence run us down, so you are admitting you are part of the mgmt team. Third sentence, I guess you don't understand it's your ignorant behaviour I dislike ...more  
Comment by Lanagold19 on May 10, 2022 8:13pm
What are you a parrot now. Smoke and mirrors what a joke..
Comment by HarryCrumb on May 10, 2022 8:43pm
Go silent Ironhorse your showing your slowness again.
Comment by Lanagold19 on May 11, 2022 11:07am
HB.. Look in the mirror.. Then talk. 
Comment by DoYourOwnDiggin on May 11, 2022 11:42am
STFU already. Youre part of the problem, not the solution. Youre driving people nuts. Not a good look for EV. Tim and Blake should be working to remove your from all ties to EV because youre the most toxic FOOL here. Removing you from the equation here would be the largest progress weve made in years. So do us all a favour. You know where the door is.
Comment by DoYourOwnDiggin on May 11, 2022 11:48am
You're a joke.  Look in the mirror.  Fool.  Do something good for your investment and leave this board.  You're doing nothing but adding fuel to a huge fire, that you've caused.  All negativity points to you.   Leave already.  
Comment by Lanagold19 on May 11, 2022 12:13pm
Am I the one running everyone down. Everybody is totally to blame for everything. Did any one of you call the JV and say hey what's the hold up. Who told you to invest here, nobody. You want to talk about leave already. Try it. 
Comment by DoYourOwnDiggin on May 11, 2022 12:24pm
Just leave. Go. Nobody wants you here. You are the one to blame for all the toxic comments and banter. Show yourself out the door. Just do us a favour and leave.
Comment by ListenandLearn on May 11, 2022 12:28pm
How many on this board have told you that you're toxic ? You're the only one here being called a cancer by too many people to count. I guess they're all nuts, right ?
Comment by Lanagold19 on May 11, 2022 3:59pm
One stock wonder rundown my investement and you get what you get. 
Comment by gordo323 on May 10, 2022 6:02pm
Harry you are one thick headed basher.
Comment by ListenandLearn on May 10, 2022 11:27am
I'll take your word for it VB even though I still don't underestand what the PEA has to do with the submission of the elaborate Cause it doesn't. You don't need a PEA to submit the elaborate. Delaying the submission of the elaborate because you want to produce a document that has nothing to do in the mining application iprocess s nonsense to me.  Submit the elaborate and then ...more  
Comment by VeryBusy on May 10, 2022 11:48am
The PEA contains virtually the same detailed information as the elaborate and the elaborate requires an additional 60 days beyond the completion of the PEA to be ready for submission to the Serbian Mining Committee. This is the reason why they are being generated at the same time. The PEA is not required to be completed before the elaborate but the PEA needs to be completed as soon as possible ...more  
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