BLK chart, page-592

The mistakes go well deeper than that.

During commissioning, mgmt. lost focus on mining, while p*ssing shareholder money up with wall with sulphide strategy feasibility and acquiring further projects. Much of the (non-grade control) drilling could have been deferred until matildas reached commercial production.

Mgmt rationale, as far as I can tell, was window-dressing in the hope they could demonstrate a 200oz/pa strategy and prime for takeover. No-one took the bait.

In the meantime the mine plan was not understood by DB, nor communicated to shareholders. The pre-strip was always going to cause a delay in cash flow, compounded by 'weather events'.

Hence, a mgmt. change, however the chief culprit is still employed earning the sweet money. I think it will take a number of positive quarters for mgmt. to earn back market trust - an $80-100M MC is about right in the interim.