Ann: $6m Funding Agreement For The Sale of Kanmantoo Royalty, page-74

Hi Ebor,

Let's hope Lachlan realises that when he has provided shareholders with a detailed plan adverse changes should be highlighted rather than buried in the fine print.

Being proactive in explaining the consequences when things aren't going to plan will win a lot more friends than enemies.

Keeping in mind the old saying, I'm a bit weary of the throwing stones but the opening line in the Q122 update following the miserable failure of the MC51 was about as misleading as a communication to shareholders can be.

To specifically mention "decline development" and "excellent quarter" in the same sentence without a hint that the 5 yr Mine plan that was forecast was down the toilet is verging on unforgivable. Lachlan was still on track to deliver a debt funded FID on time so maybe was blinded by positive thinking and the knowledge that things never go exactly to plan and as long as the positives out way the negatives all will be well.

He did go on to discuss the shortcomings of the MC51 trial but assumed way too much if he thought shareholders would take that to mean there had been a dramatic change in plan which now relied on a much higher copper price for completion.

Worth remembering that the man who has never made a mistake has never done anything.

I'm sure Lachlan will emerge from this with the realisation that a plain english discussion about how things have changed both up and down in relation to the forecast that shareholders are relying on is the only way to go.

HGO is a simple easy to understand business with very few variables so not hard to keep us fully up to date.