andash early-mid may, page-77

I always expected the Gov would want us to do the Enviro Study and this just confirms that.

Step 1 - Enviro Study

Step 2 - Kurulti (I.e. Local approval)

Step 3 - Government Approval

Step 4 - Develop Mine

The only negative is that this means more delays. As the enviro study and Kurulti could take a couple of months.

However, on the positive side of things this could reduce the impact of any future CR as we will have Burnakura up and running by then and be generating cash.

If we are also able to process higher grade ore and/or reduce costs as recent announcements have aluded to then we will hopefully be in a position where Burnakura not only covers corporate costs but generates an additional surplus to help fund expansion.