Ann: Jaguar Feasibility Study to Focus on Concentrate Project, page-13

Shame they wait until the 11th hour to change strategy.

This DFS has been in production for what seems “forever” and whilst I appreciate the strategic move behind this “reshaping” as they call it, the writing was on the wall many many many months ago we were dealing with a falling commodity price and evidentiary increases’ in CAPEX worldwide.

The original intent (from memory) all those years ago was just produce “sulphide concentrate” , and it was during our stage of defining the resource, hitting the strikes & grades we were, then realising our ability to source cheap power, that they decided to add a “refinery” into the DFS , then focused accordingly. Of course the Ni price was going hell for leather.

I can only wonder where we would have been if we had of stuck the the initial plan, with the “add on refinery” option detailed in the study. We could have have possible strategic partners at the highs of Ni, we could have possibly been dealing with BFS and possibly FID now, instead of having these milestones kicked further down the road.

There were many months of delays getting to this point, now they are unwinding it.

Im still confident we have the resource that a major strategic partner will want, I appreciate that the BOD are attempting to look after SH with this “reshaping”, but I feel they should have been more proactive months and months ago in making this change.

IMO I expect we will now sit at these levels till June, great opp to put more in the bag if you can.