Ann: Board Changes, page-83

OK - so this is a new low for CE. I cant say the cracks were not there

AGM:- NAB not attending and CE giving her a grand total of 2 minutes to talk in the end [ Bad throat - Ya I believe you]

Terrible interrupter:- Still remember that interview couple of months ago where CE kept interrupting NAB when she was talking. She very diplomatically called herself a terrible interrupter instead of calling HIM out

Anyhow:- These are the possible causes and likely there was a flare up during PDAC where all these folks were meeting in person!

1) Disagreement over 100Ktpa VS 150Ktpa:- CE doesnt want 100K and wants to go bigger. NAB is taking a more investor friendly view that we need to GO now and 100Ktpa is enough. Mind you 150K will delay the PFS by 6 months and NAB doesnt want that.

2) Disagreement over a transaction/deal:- Fair to say the HC need cash after the PFS to get through to DFS. They need to do a deal. There could be "N" number of permutations and combinations and CE and NAB violently disagree on pathways

3) Technical issue:- Its possible there is an issue highlighted as part of PFS review that is significant enough that NAB couldn't put her reputation/name on line for

4) They had a takeover offer during PDAC that NAB wants to take but CE wants to gamble with 150ktpa

Could be a myriad of reasons that we may never know unless we speak to CE in person. In all cases though this is not a good look even if I disregard Quinn who just came as a 1+1 offer with NAB and going the same way.