Ann: Widgie Completes Strongly Supported A$12 Million Placement, page-23

Hi Loophole, here is a bit of a timeline:

1) March 2022 - AGM Presentation states the company aims to be "Production Ready" by the end of 2023.
2) June 2022 - AMEC Investor Series Presentation states the same thing, ie production ready by end of 2023.
3) November 2022 - AGM Presentation does not mention a date for being "production ready" at Armstrong, instead claims the company was "full steam ahead on preproduction activities ".
4) February 2023 - RIU Explorers Conference Fremantle Presentation claims "Armstrong Mine set to begin development by end of 2023". This should equate to cutting the Armstrong portal.
5) March 2023 - Euroz Hartleys Conference Presentation Rottnest Island claims as above, ie cut Armstrong portal by end of 2023.
7) May 2023 - RIU Explorers Conference Sydney Presentation claims "Armstrong Mine set to be ready for development in late 2023".

In order to be "Production Ready" in an underground mine the tunnel entrance or portal needs to be cut approximately 6 months in advance of Production. Accordingly as recently as June of last year, we can deduce that Widgie was planning to cut the portal by July this year. Then in February this year the language changed to infer cutting the Armstrong portal by December. Then in May this year the language changes again from cutting the portal to being ready to cut the portal by the end of 2023.

To some extent it reasonable to expect delays in resource projects. When that occurs shareholders are best served by the company announcing any delay in unambiguous language. What we have here is a subtle change in language resulting in substantial change to project timelines. I am less inclined to blame this timeline slippage on delays to assays but rather because of the lithium distraction. I seem to recall there was no delay with the lithium assays. Noregaard is an expert at cutting portals and high speed decline development to access orebodies beneath pits and I wish he would get a move on with the Prefeasibility Study, Final Investment Decision and the business of developing Armstrong. To use his words "FULL STEAM AHEAD". Make it happen.