Ann: Administrators Update, page-8

I plead guilty to being totally blindsided by what has happened! We were never told there were any issues with obtaining the mining lease for Liontown (in fact, in a number of quarterlies it didn't even rate a mention-I did communicate with RVR to have them advise the market on progress). What was the point in proving up the reserves there without expediting the mining lease?
The drilling programs carried out for both Liontown and Hillgrove now appear reckless given the rundown on cash. I wonder whether Smith and Fletcher as directors had an ulterior motive. Obviously, the royalty payout was unexpected and required a rethink on forward plans.
I would have thought getting the Syndicate ore to the surface and then processing it to provide an income would have been a priority rather than looking for the "gamechanger". Was there a difference in viewpoint at Board level on priorities? I can understand that Covid and escalating coal prices may have resulted in a greater than expected difficulty in obtaining the required personnel for Hillgrove to start operating. Having a cash raising would have been prudent and better for shareholders than what has now happened.