Ann: AGM Presentation , page-82

Good effort from all those who reported from the AGM, thanks for that. I will say that the usual AVB "spruikers" (no insult intended) do more than just spruik and put in the hard yards at times like this. So thanks for that

Clearly management put on a good show and most of you seem to have come away impressed. It looks, more or less, like the plan to mid 2015 is laid out. Time will tell.

I'm glad to see that TP has acknowledged that communications with shareholders could be improved. I would go a step further and say that it's not just the lack of communications that's the problem, but what times looks like obfuscation that still worries me. For me it's the big three:

the shift from AS to AN
the vanishing Vale deal
the sudden dilution (after using the phrase "non dilutive" a few days earlier).

Many of you will forgive management because hey! we're building a mine! But for me there's a lot of foregone income.

The original feasibility (8 Feb 2010) promised cash flow of 57m and should have been ready to mine by end 2010.

The Vale deal is 40m vanished in a still unexplained puff of smoke.

The placement may have been necessary but I'm less enthusiastic than many here about outside organisations twisting management's arm to do things a certain way (though then again maybe it'll be good for them).

Somewhere in another universe, AS was mined, which provided the cost of expansion, AVB is self funding AN and the share price is 64c, not 6.4c

If we had really, really good management (and who knows maybe a little more luck was needed), that's what would have happened.

Still, on balance, I'll give them the benefit of the doubt. Let's be fair: they found the copper, they found the money and they have a plan. If they meet their metrics for the mine, and if they're seriously ready by mid 2015, then they may even have earned their 12c options.