Chart - TA, page-4014

Indeed Wottagun, there are a few more important catalysts coming up that will have more weight on the sp. The environmental approval is a biggie for Hemi given the need for both state and commonwealth approvals.

I think today's fall may well be in response to yesterday's announcement about the commonwealth actually going back on their environmental approvals for the Regis mine at McPhillamies in NSW. At this stage that advanced project is now at best stalled for a few years, and possibly canned for longer than that.

So there is a big risk that a similar play may happen here with approvals that can impact timelines and indeed any approvals at all given the scale of the open pit. Certainly yesterday's development might have made some folks a bit more sensitive to approvals risk in their portfolio's.

We will likely know more by the end of the year about likelihood of success and timelines, but in the meantime we should get some small bumps by the underground mining options assessment and the updated resource estimate. My guess though is a big delay in approvals could halve the sp, whereas timely approvals with no costly conditions migh bump DEG back into the 1.40 to 1.60 range, especially as that will be closely coupled with the decision to mine. At this stage its so hard to guess and DEG are understandably keeping quiet so they don't accidentally mislead anyone or upset someone in the approvals chain! Its a nervous ride for all LTH. Good luck!