Ann: Updated Scoping Study Results Lake Maitland Uranium Project, page-27

@Mikesmith1981

Yes, that is the reason he gives. He wants you to believe that is why he gave up the WA mining permit, potentially stranding this asset for at least another 4yr election cycle, while labour and the green alliance remain in power.

Now, let me explain why I don't believe him. It makes zero sense.

1) Centipede-Milipede & Lake Way desposits:

a) contain more pounds than Lake Maitland, 36mlbs vs 26mlbs

b) contain the only JORC 'Measured/Indicated' pounds in the entire inventory

c) are much closer to gas pipeline, and powerline infrastructure, significantly reducing starting capital costs and making permitting much easier

d) are much closer to town airport, and services reducing operating costs

e) are very close to the Dawson Hinkler expansion deposit, close enough to allow ore haulage from Dawson Hinkler direct to a plant at a Centipede-Milipede processing Hub, leading to economies of scale

f) are much closer to the state govt main road, which reduces the starting capital costs significantly, because it removes the need for constructing a 120km haul road all the way out to Lake Maitland.

2) If Lake Maitland was the focus, and he truly wanted to build a mine, why hasn't he completed any infill drilling of the resource? Not a single pound of uranium in Lake Maitland is classed in the Measured-Indicated category, for years now RH has done nothing about this. Which means none of it can be converted into a Reserve. Which means the studies can't progress beyond scoping level/pre-feas. This puts us years behind. Any bankable feasibility study for financing would need a Reserve.

3) Instead of investing in our uranium asset, RH spent millions on changing the strategic direction of the company....into a gold/nickel explorer (a very costly failure, for which we are still paying a hefty demerger cost).

So, to recap. RH gave up the only shot we had at a WA uranium mining permit, thereby stranding our only asset in a uranium boom. Because, he wanted to build a more expensive plant, to service a deposit with fewer pounds, and zero Measured-Indicated resources? But instead, wasted millions in shareholder capital to chase for gold & nickel around the countryside. Is that right?

Tell me. Is that right?