Ann: Updated Scoping Study Results Lake Maitland Uranium Project, page-46

Humans don't change. RH is what he is. Wrong person for the job, and wrong skillset, with a completely wrong incentive structure.

Past performance, plus incentive structure, is usually a good indicator of future performance. Horrible.

Now, regarding your new speculation that it was the Japanese that somehow forced RH to give up the mining permit, and endangered the entire project, potentially stranding it's only asset for another +6yrs election cycle (at the time, it was Jan 2022 when we lost the permit), makes zero sense. Let me explain:

1) Firstly, Richard has never said it was because of the Japs. If it was, then he had a fiduciary responsibility under ASIC to have disclosed this to holders! Where is the srction in the agreement that stipulates this??

2) The deal with the Japs was inked in 2009, with Mega Uranium. RH was a corporate lawyer with Mega for 15yrs. Toro only took control of the Lake Maitland asset in 2013, and inherited the former financing deal with the Japs.

3) Now, here's the kicker. The environmental approval application for Lake Maitland, was lodged by Toro in 2015. It had the plant located at the centipede-milipede-lake way deposits!! That had always been the plan, it was going to be THE processing hub...more pounds in the ground, lower capital costs, closer to town, gas, power, closer the Dawson Hinkler project etc
RH was part of the Toro team at this time, and became chairman in 2017. So, this new narrative about having to change plant location, can't have anything to do with the Jap financing deal.

4) Nothing has changed. At least, nothing that has been communicated by RH. If sonething had changed then he had the duty to announce it, no!???!!???

As far as I'm concerned, something doesn't add up with the whole narrative, surrounding the what took place on Jan 2022, the moment Richard walked away from the WA uranium mining permit. It never has made sense to me, for the chairman of a mine developer to have done that to his company. Personally, I think it's much simpler than all these narratives...I think, he and Greg just never truly believed in the uranium price, back in 2021, when he should've been doing the earthworks & building the office infrastructure to achieve 'substantial commencement'. I truly think, that he failed to do his homework and didn't understood that the uranium boom had finally arrived. Either that, or, the answer is much darker...

Either way, he has failed spectacularely to deliver, and in my opinion, has hurt this company significantly. Don't forget, like Rick Rule says...all commodities go up, and they come down...always, no exceptions...high prices are always the cure for high prices. And we might have missed the whole bloody thing, because of RH!!!