Ann: AVL Launches Underwritten Share Purchase Plan, page-57

As a project manager for many years i know projects of this scale don't often go to plan. Project Managers have to constantly carry and manage risk. Add to the complexity that the company budget has other exploration and strategic tasks to pay for that are not yet generating income. That is what makes these juniors a risky buy.

It is unrealistic to expect everything to go to schedule. I agree it was disappointing the PFS took much longer than first reported to deliver but the devil is in the detail and I think AVL is very good with that and it's very important to get these early pieces very right. The pilot is all but done and finished and DFS is to be delivered by end of year ... we are not there yet. If that is missed that wont be good but not the end of the world either if it follows soon after.

I agree VA selling a third of his ordinary shares was poor timing, but it was nothing more than that. If he needed the money he needed the money! He still has ~7,900,000 ordinary shares and 21,000,000 options in his bag.

But what about Directors Lewis and Harris who bought 2,500,000 and 3,000,000 ordinary shares also around the same time. Does that not show management belief in this project.

This project is at that point of development when things are frustrating and slow for the SH. Funding remains an issue but that is for every small cap junior in this global financial climate. And that is a worry IMO. It is reported there are interested investors doing due diligence. We have to believe that.

The next 6 month's are critical in my opinion and yes my fingers are crossed.

I too will add no more to this discussion.

Cheers and again, good luck.

All in my opinion and base yours on your own research.