Ann: AVZ Strengthens In-Country Management Team, page-93

Things are moving to plan according to NF you say?

Really, I would have queried him further on that very broad statement alone. I presume that you didn't ask him when investors could reasonably expect the following:

1. 5-10mtpa SS - no timeline for this was set in the project plan (see below) but the company recently stated that 'these studies are expected to be completed within the first quarter of 2019' (refer Jan 30 Quarterly Report and a similar statement in the March 15 HY report)

2. JORC update - 'due to be completed by end of March 2019' (refer March 15 HY report)

3. Transport route confirmed - due last quarter (refer project plan below = now overdue)

4. 'Delivery of a DFS in this half of 2019' (as stated in the Jan 30 QR) - this statement concerns me the most as they have set themselves a very short timeline (80 days from today) to complete and deliver a DFS to the market. Remember the DFS must provide additional definition on the project's infrastructure requirements such as water, power and transport as well as potential credits for tin and 5-year tax concession. Refer to the below excerpt from the 30 Jan QR describing additional work that needs to be carried out before they are able to complete and sign off a DFS.





IMO there is very little chance of delivering all of the above (in particular the DFS) within 80 days from today. And if the company is already aware of this then they have an obligation to update the market re: the delays and why they have occurred.

So if things are moving to plan as NF has allegedly suggested to you, then perhaps we should be querying whether management's plan still matches the one that they have so far disclosed to the market. As you say, we are all part owners of this company and as such we should be kept up-to-date on the company's progress or lack thereof.

Am overseas ATM and if no-one else is able to quiz NF on above timelines in the meantime, then upon my return next week I'll attempt to contact him and get some answers. Perhaps I can convince him to provide an official update - assuming there are no relevant announcements in the meantime.

GLTA

Cheers
Elpha