Ann: Response to ASX Price Query, page-8

I love the expectations, due diligence takes longer than anyone thinks. Number one reason for disappointment and dissatisfaction is failure to meet expectations.

Classic it’s taken longer than I think it should syndrome,

The RAP took longer than....
The off takes took longer than....
The government took longer than....
The 100% purchase of tenement took longer than...
I could go on and on. I think you get my drift?

Who can answer this question. How long should the DD take? How long should any process take??

How much do you want to know and from whom until you are willing sign over millions and be sure you have asked all the right questions, got all the answers you need to cover off the risks. Are you asking questions of government, are you engaging an independent body for report and analysis, are you checking out experience, skills, capabilities of contracted third parties, are you verifying the proposed off takes and the companies associated with them, are you investigating end user demand and plenty more.

DD is not only paperwork reading numbers. DD can include proof of process and end product via more independent evaluation. I have seen DD ask for design improvement to a process. WTF some may think. External experts were engaged for analysis of the entire process proposed and they found weak points to be improved. You can never be sure how fine tooth comb DD will be and what they will want to know, see, or have independently verified again even if previously done by the company and we all know how long it took for the company to get it done....too long remember.

Anyone got an answer to the question yet. I’ll even give a +/- 1 month answer.

So now let’s add in more than one party! Once all are satisfied the risk is worth it they all want the best deal.

DD takes that long, you know, that long...piece of string long.