Ann: Quarterly Activities Report, page-7

Agree @Jenkstar

Happy that they have made good progress on the Seawater Intake (Fuel Tanks, generators, etc) but the push back on the commencement of the Jetty/Port is disappointing. There were some interesting comments about roads being used as flood barriers in the Annual Report so this means they (the roads) will need to be 'raised', which obviously includes addition design and more importantly, cost.

The uncertainty around the Cost/Design Review for the project is certainty the reason for the near stagnant share price. I understand they have been waiting on the new CEO to start, but this needs to be clarified sooner rather than later. Will the $100mil from the CN's (assuming shareholder approval) be sufficient to complete the project? Will more funds be needed down the track?

As I've alluded to before, the increased fuel costs alone for the contractors involved so far in construction would be horrendous.

All questions still to be answered.

At least, pleasingly, good construction progress is currently being made and the product pricing has continued to be strong by comparison to the DFS product pricing.

Next step is to get certainty for the $100mil CN's and then hopefully we will receive some clarity from the Cost/Design Review process.

GLTAH.