Ann: $25 million Institutional Placement, page-75

Joel

"We had our own personal barrister making cafe quality tea and coffees throughout the day." Not sure I want to know what all the solicitors there were offering.

This extra $25m raised now is not what was promised by the company in the prospectus for the Feb cap raise - house builder to customer, yeah well we promised to build you a 3 bedroom home but .... (yes I am comparing mining execs with builders). If you read the announcements back then they already had a fair idea of what they had at Never Never and under Gilbeys and back then they held out that they were raising enough to cover the next 18 to 24 months. And yet less than 10 months later they are back at the well for no convincing reason. Anyway the silver lining for me would be if they bring forward the restart decision from mid-2024. Also in the Feb prospectus the company said that they would get back into production once they had proven up a 5+ year life of mine for Dalgaranga based on reserves. The pre-christmas update should get them there and I am hoping / expecting Simon Lawson to announce at that point the restart decision date being brought forward.

Here's a question for the geos and the like out there. What was the biggest miss by Gascoyne? Was it the old geo team not picking up on Never Never which was undercover, or, was it that they missed West Winds and Four Pillars which had already been fully exposed by the Gilbys open pit and which they already had assay / mining results for?