Ann: Appendix 4E - Preliminary Final Report - 30 June 2016-TRY.AX, page-27

Hi Justis, I guess I look for results not excuses.  So over 5 years there has been significant underperformance to its peers - hard to deny.  We can try and fix the underperformance with the same tools which IMO haven't been working.  Keep doing the same thing and expect a difficult result?

PB and KN only built 1 mine together - Casposo.  KN did a good job at Sertao and Sandstone - both high grade, small and forgiving - but about 10 years ago!  We haven't seen that construction performance since then.

PB's performance is clear - look at the chart for TRY since he was introduced.  

On MP again look at the chart below.  He joined on 1 September 2014.  XGD up 100% TRY down 60%.  We can look for excuses - PB sold him a lemon - its raining in the rain forests of South America etc.  But time and performance is clear. .  
If u/g is high on the list of priorities - why are there no drill results from there?  I suppose the excuse will be no funds?  What happened to the last funds raised?  Fixing the holes in the operation I would guess.  Its seems the drilling budget has been directed to grade control.

I think change is required urgently.