Ann: Investor Presentation - Jervois Project , page-4

My thoughts are, if they couldn't successfully manage a small scale, turnkey operation like Murchison. Then what hope do they have of starting from scratch on a large scale? We have seen how they handle that with Andash.

The second thought is with the timeline. Nothing in that until the Fesibility study that can re-rate the sp. Thats 6months or more away. And drilling costs before that.

So when we relist, it will be at cash backing which is basically the $15mil sale proceeds from Andash (if it goes ahead).

Then the sp might fall as we spend it on drilling. $15mil wont go far. By the time we actually need the $185mil we will be below 10c. Considering we will probably open around 12-13c and hover around 10c the first week back.

Uphill battle. Even with a debt facility. I would think they need management changes to regain credibility and any chance of raising large sums. And I stil favour a cheaper new project as a starter.