Ann: Development Boost for Penny's - Mining Contractor Appointed-ERL.AX, page-13

No harm done T2000. Thats what I figured was the case and personally I was interested in seeing what experience led you to this conclusion. I will have to do some reading on NRW.

Certainly any company in its transition phase is at an increased risk, but they are certainly getting on with the job and getting things done at least which is a lot more than many can say.

Out of curiosity T2000 at what stage down the line would you consider it to be derisked that would lead you to personally invest? I would think after first delivery of ore for processing or first sign of revenue? I guess the further we are down that pathway -> less risk, but it will also cost a premium and therefore less reward.

GLTA