Ann: Karouni Gold Project Update, page-124

Yes timbin4, that is a key role of the board and one of the main things they're paid for.

However, our directors aren't magicians. There are limits to their powers. The world is an uncertain place and the exploration business is a particularly uncertain one.

With a run of ordinary exploration results - from Ohio Creek and Goldstar, and from early drilling at prospects such as Gem Creek and Upper Itaki - they just ran out of ore for the mill. It happens!

Yes, the board could have spent more on exploration. But that would have come at the cost of increased debt and/or more capital raising, and there is no guarantee it would have uncovered more viable gold.

Let's not forget that the board has uncovered Smarts Underground, and there's a lot of gold there and some spectacular intersections. We are yet to know what the economics are, ie. if it's viable at current prices, not least given the degree of regulatory uncertainty.