Peregrine Diamonds Ltd. PGDIF

Summer 2017 Drill Program

[shneps]

So. What did we accomplish with the past drill program? 1. A couple of holes were showing expansion at depth. Great. But they did not place, in graphics, the last set of drill results. Why? I personally can not be bothered to play with the Azimuths and angles to create a 3D model. I depend on Ekim for the analytics. 2. Drill holes for geotechnical drilled at 60 degrees, indicating this is the probably the proposed pit slopes. Half the holes were lost due to technical difficulties. That's not good towards geo.. 3.Brought in an extra drill but were 2200 metres short of the target amount. Weather was not the reason, so why not complete? 4. What did we actually accomplish beside dilution and why? We may have, but also may not have expanded the resource. A lot of money for what? 5. Diamond valuations? I anticipate them to continue to be good but we'll have too wait and see. Conclusion: I'd like to think we did this only to appease a potential partner to actually put pen to paper. We are getting to a point (IMHO) where if further rights offerings occur a partner no longer has the value to participate and this goes private. Overall a bit disappointing, certainly not a bust from my perspective. I continue to hold my long positions as the valuations have increased again.