Ann: Annual Report to shareholders, page-5

According to the Chairman this all represents an achievement.

Our dedicated team has delivered the followingduring the year:
• Advanced the Black Swan Feasibility Studyto near finalisation;
• Significant metallurgical breakthroughto improve the Black Swan concentratesaleability with higher nickel and lowerMgO grades;
• Maiden Resource for the Golden Swanhigh-grade discovery;
• Silver Swan Resource update;
• Increased the Black Swan Resource;
• Executed an agreement with Green GoldProjects Pte Ltd (Green Gold) on theWindarra/Lancefield gold tailings project;
• Terminated the Windarra State Agreement;
• Signed a Memorandum of Understanding(MOU) and continued to advance discussionswith Pure Battery Technologies on supplyingfeed for their proposed pCAM hub inKalgoorlie;
• Completed the Lake Johnston capital andoperating cost estimate restart study;
• Built out the executive team with the additionof Craig Jones (mining) and John Hicks(geology); and
• Strengthened the board’s technicalcapabilities with the appointment ofrespected director, Warren Hallam

Is that really one years work? Given a fair chunk was done by consultants, you have to ask what is going on. A board of 3-4 with part-time team of 3 managing the consultants could have achieved this. I'm not sure employing more staff should be seen as an achievement.

And seems the market agrees. Maybe that PE company that is buying Cannon should have a closer look.