Ann: Development Underway at Paulsens East as Construction Begins, page-15

Ideally in the next two weeks we should get announcements on:

- Award of contractor(s) for mining and road transport; and
- Update on haul road.

Notwithstanding the market has minimal trust in mgmt, with approvals sorted, no drill and blast required and an outsourced mining model, it should be relatively straightforward to get some rock on a boat and make free cashflow in this pricing environment.

I'm still sceptical they will actually achieve anything, however if they do it will materially transform the share price. The frustrating aspect is we should already be at an annualised rate of 1MTPA + enjoying healthy dividends that are funding further Peru studies....instead we are waiting for a haul road to be constructed.