Ann: Quarterly Activities and Cash Flow Report, page-8

Sorry but I have followed far too many juniors in this position to know that any time a DFS gets delayed and then "optimized" it is usually not good news. Small company, massive resource. I see it all the time. The resource is brilliant but the economics of developing it are challenging.

Just to be clear: they have been working on this for 16 months, and the last two management appointees (still literally getting their feet under the table) now want to review the DFS process and change how it is delivered to the market? At the start of this month - 5th April - they released a presentation to the market which showed a star on a timeline with the DFS due to be delivered in April.

This is a very poor result. Roll it in glitter all you like and have a crack at me, but I am genuinely disappointed how they've handled this. Frankly I'm glad I sold out in advance of the DFS, to avoid this very situation. As much as I want to like this company I have seen this movie before in other juniors in different sectors but the same hymn sheet. It usually doesn't end well. Hopefully Galan can be the exception...