Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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Message: MF + Weak Market = short term trouble

Speaking about vacations, Peter came back from his and there were high expectations of NR's on RoF for the next week and Beauce soon after. We got a couple of updates. On RoF, I really think there is a strategic pact by all the players to release nothing positive about drill programmes. Nobody is talking. Maybe this goes on until after the election or until there is a formalized commitment for infrastucture from government. So maybe I offer Peter a short pass on RoF at this point. But on Gold: Beauce; absolutely agree Fani, there is tons he could be saying right now and he needed to be saying it a month ago.

I think Fani asks a great question: 'If PS goes away (or gives up leadership role) does it hurt FNC?' Jim just did it at UC, giving up CEO, staying as COO. I think Jim's move at UC is much riskier than even Peter leaving would be for FNC. We need change at FNC how ever it comes, imo. Even a share buy back programme if that is what it takes to create the need focus.

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