Denis Wood's reputation and resume were what originally piqued...

Denis Wood's reputation and resume were what originally piqued my interest in KGL. He deserves credit for recognising the copper thematic early and for his disciplined, long-term approach to the project. That said, no leader is perfect, and I do have confidence in Jeff Gerard. His background speaks for itself, and I think he’s well placed to guide the company through this next phase.

I do agree with your broader sentiment—there are plenty of industries where intermediaries thrive on complexity, and where their value can feel inflated. Corporate advisory is no exception. That said, while it’s technically possible for someone to coordinate a construction project themselves—sourcing trades, managing timelines, even doing some of the work, the reality is that specialist experience significantly improves the chances of a smooth and successful outcome. The same logic applies here. When you’re dealing with something as complex as project financing in a tough market, bringing in people who’ve done it before can make a real difference.

So while it’s fair to question the role of corporate advisors, I’m reserving judgment until we see the financing package they bring forward. That’s when their real value—or lack of it—will become clear.

As for the line in the announcement noting it was “approved by a majority of the board,” we can only speculate as to why it wasn’t unanimous. If, for instance, Ferdian Purnamasidi abstained or didn’t support the release, it would suggest that Jeff Gerard and Brian Gell are acting independently of the major shareholder’s appointed director. If that’s the case, it’s actually a very encouraging sign—it increases the likelihood that the board is focused on delivering the best outcome for all shareholders, namely the successful development of a producing mine.