Ann: Black Swan Update and Exploration Plans, page-92

As a follow on, there is a double whammy here. If the extra metallurgical work is being driven by the potential offtakers, as seems likely, then a deal is either going to be delayed by six months awaiting the results, or it's going to be very heavily caveated and/or have terms that are detrimental to POS to cover the perceived risk. Neither of those outcomes is good for shareholders.

I've previously been supportive of PH, believing there was reasonable grounds for the delays and that slowness could be due in part to thoroughness. Nothing about this latest announcement says, "Thorough and competent". They've been blindsided and are scrabbling for excuses now their prior work has been exposed as inadequate.

I hope we get a takeover offer, the current board clearly don't have what it takes to deliver this project.