Ann: Investor Presentation, page-10

The statement at the bottom on page 24 says the company has identified an opportunity to create a production profile between Stages 4 and 5. Lets assume they had the $82m capex right now - they couldn't start mining Stage 5 without approvals. This would require new Mining Act tenure and native title and EPA consent at lest, possibly more given its a National Heritage listed area. In my opinion this would take at least 2 years to achieve once additional tenure applications have been lodged. Lets then assume a year to construct the sea wall and optimistically you're looking at 3 years plus to get into Stage 5 if its approved. Looks like there's good ore beneath the Homer dump in the meantime but haven't they got to shift 6-9 million tonnes of 'mineralised waste' to get to it?

On the subject of tenure and approvals, according the DMP Mineral Titles Online system, the rent on the mining lease at Irvine is nearly 50 days overdue and no expenditure report has been lodged for the year. The main mining lease at Cockatoo (M04/448) is subject to a forfeiture notice for the third time since October 2013 for non-compliance with royalty provisions. The latest forfeiture notice was sent two days ago - its all on the public record at MTO, http://www.dmp.wa.gov.au/3968.aspx.