Ann: Appendix 5B, page-6

Hit a big rock enough times and it will eventually break
with every hit you get closer to the desired result
In 2014 NAG had a certain vision based on the government fundamentals of the time
The EW link was contracted and Lend Lease were in talks with NAG to take a few million tonnes of PASS
Gold ores were planned to be brought in from oxyde gold sources of Clonbinane and Wandean
and treated with cyanide at the NAG Heap Leach Pad and gold fines were to be treated the same way

The Daniel Andrews ALP government came into power late 2014 and quickly cancelled (at great expenses to tax payers) the EWL
The ALP/Green coalition also made it virtually impossible to leach gold ores with cyanide at the Nagambie HLP
Despite this the company has been able to not only survive but also adjust its sails to find new means of producing an income for its shareholders.

It's been a long wait but looking forward to what we have coming
is far more positive than to looking back and seeing what could have been

Had the EWL been able to continue we would not be having this discussion