Ann: AGM Presentation, page-27

I vote for updating DFS. Usually only $250,000 or so. Our team has done some really great work but made some bad missteps and bad forecasts.
Former CEO from about 2010 made that suggestion. Sucks a bit of cash but sets up for a better future.
So it takes the first DFS and determines what was right and wrong. Original DFS did not have 98km road and Batu Tuhup. In these cases, the original DFS was wrong and it was folly to build a port so far up the river.
So it looks at success of small scale mining to date and whether the dirt and coal are as per mining models. Takes the infill drilling and produces a better picture of what is there and what is not there.
Looks at the road performance and what needs to be done to optimize. Quite a lot from what I heard yesterday. Road is usable but not optimal.
Proper river study and what has to be done with barge design and capacity to deal with reality.
Batu Tuhup loading system should be finished and operating January/February and can be assessed. Size of stockpile area/capacity at Batu Tuhup can be determined with facts and not "it has to be bigger".
The barges should be flowing to Buntok and beyond. Better evaluation of this part of logistics chain.
Customers should have received coal and given feedback. Real sale price can be entered into model. How this price can be increased by beneficiation, blending and quality control.
The requirements for CHPP can be assessed and scoped, rather than we need 100t/h plant.
It is an opportunity to reset the plan with much greater level of confidence and greater success.