Ann: Tietto Produces 11,191oz Au in August & Updated H2 Guidance, page-79

Hey Nord,
Firstly, I tip my hat to you. From day one you have been concerned about the resource modelling, and you have been proven correct.
For what it's worth, I spent quite a few hours weighing up TIE longer term potential and the risk/reward before continuing to hold what I have.
While the new mine plan coming out later this month won't be pretty, it will hopefully be a lot more realistic/achievable, which will make actually valuing the company more manageable. The new MD has taken on a tough first project to run (he built the plant perfectly), the grade issues are not his, but he is going to have to clean it up. A few posters seem to view a 5.5mpta run rate as a big ask, but WAF have been able to get their plant to run at well over 50% above nameplate (so... 6mtpa should be potentially be a viable goal over the longer term), which as has been explained to the market, is going to mean higher costs, but... still good free cashflow when compared to most gold projects (with the global average above US $1450 per ounce).

I am not really phased if the heap leach does not go ahead, or is put on hold over the medium term, if the gold is really there, extra drilling will prove it (which is obviously what must happen after the recent issues). Ideally, if things could be done over again, then a large stockpile of ore on the ROM would have been secured during the dry season, giving a new plant and new team the time to fine tune their plant and production profile, but alas... the plant was turned on too early (AGAIN! seriously... look at CAI and PNR, not having a huge amount of pre-development is just a 100% guarantee for failure). Not having all the equipment/contractors/staff etc etc, just makes it crazy to start a project up without them.

As for TIEs value, it is not 1000% up to the team on the ground, assuming we have no more surprises with grades. As we enter the dry season, TIE should be able to do what they had hoped to do 8-9 months before this, stockpile and undertake preferential ore sorting.

Hopefully Mat and his team can knuckle down, ignore the share price and just keep paying down the debt, build the cash balance and drill drill drill.
If they can produce north of 13k for the month of Sept and build cash, that will go a long way to starting down the road to rebuilding confidence in the company. I would be very surprised (definitely disappointed) if MW walks away from TIE, his past performance/history has no examples of quitting.

Good luck to all shareholders.