In defense of some of the posters relating their concerns about delays in meeting critical timelines set by PDI's BOD,I suggest for those interested they read a good description of ASX requirements on the following link.
Continuous-Disclosure-and-ASX-Announcements-Policy
PDF (www.mtgibsoniron.com.au)
PDI has advised it has completed two of the critical studies it needs to enable it to make an application for an exploitation permit albeit some months later than they originally planned and advised to the market.
I think the difficulty for PDI is that there is no precise legal framework for the grant of the required exploitation permit as the current land zoning prohibits mining. Full stop.
So in one sense they are seeking a "rezoning permit" which then enables them to make the exploitation permit application.
Given the critical importance of gaining an exploitation permit,I believe PDI has an obligation to advise the market/ASX when the timelines it sets are not met.
So if the timeline for the lodging of an exploitation permit is set by the company as being in "Q4 2023" and this does not occur until Q2 2024,the BOD need to advise the ASX as soon as they become aware of the delay ,its cause, and the revised date for the lodging which can be by reference to a quarter and not to an actual date or month.
It seems the BOD believes it needs only to report such matters in its quarterly reports rather than when they become aware of a delay.The lodging of their application for an exploitation permit is of major significance to the company and I believe it is "market sensitive" information.
Please read the guideline link before responding
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Fundamentals, page-161
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