AUZ at the bottom, page-500

flippa - perhaps you need to stick to just the mining aspects!

You clearly have little idea about how government agencies work and the division of responsibilities between their Boards, Executives and professional units.

The NAIF Board is responsible for NAIF's overall governance and strategy and for appointment of the CEO - and Final Investment Decisions.

It has NO role in Stage 2. Its workforce does that. It comes in at Stage 4, if the project gets that far, with the Final Investment Decision.

As well, while Stage 2 is important in the screening process, it is still very preliminary. All the detailed and important work is done in the DD stage.

As the Guidelines say with respect to Stage 2:

"The decision to continue investigating a project following the Strategic Assessment Stage does not constitute an Investment Decision. It does not indicate whether the NAIF investment criteria will be met or whether the NAIF Board would make an offer to participate in the financing of a project. It is also not an indication that NAIF endorses any specific terms of or any conditions of any financing for that project"

In other words, very preliminary!