Ann: Warrawoona construction rapidly advancing, page-101

Hi Rock,

I am actually going to strongly disagree with you. For the past few years, the main issue I have seen with developers, is not the plant, nor costs to build, nor overruns. It is always.... always the mine plan and whether grade reconciles.

Some examples of projects that have come on or under budget, and on time, or earlier.

GCY - 2018 - under budget and early commissioning.
CMM 2021 - on budget and on time (currently) - its a big plant, 5mtpa (first gold pour next month).
WAF - 2020 - under budget and early commissioning.
PRU - 2020 (Dec) built Yaoure plant under budget and early.

Every plant above, is larger than CAIs.

My number 1 wish of CAI, its simply, mine early, mine early, mine early.
Having the ROM pad overflowing with ore is key to ensuring that at the least (1 month minimum, 2 months would be every better), the plant is able to be fed before it's switched on. Yes, there will be a larger drain on cash initially, but.... far far better than having to do a capital raising under pressure because the plant is not being fed enough ore.

I have no doubt that the MD knows this, but... even then, OBM just refurbished their plant (on budget and on time), and even had almost 1 month of ore mined, but... not all on the ROM pad, nor was it high grade, and... they have struggled to hit their initial production guidance. Though to be fair, they have had major issues with staffing, which is causing serious angst for some producers. CAI is hopefully going to be able to navigate that particular issue due to having quite some time before needing all staff on the ground (I note NST had 24% staff turnover at the Superpit over the past 12 months (from todays presentation I believe)).

So if my wish list can grow, its.... CAI should NOT overpromise on initial production targets.
CAI should clearly explain to the market how the commissioning is going to proceed and reiterate their cash position and where they hope to be as of first gold pour etc.

I fully expect the plant to be built on time, or early. Not to harp on about it, but... they should not rush to turn it on. Full ROM, then... turn the big beast on.

Good luck to all holders.