Ann: Coburn Project Commissioning of WCP Advancing Rapidly, page-69

Hi Leggy, I have been a bit distracted of late, but do enjoy a bit of a browse around matters STA and just now see your q. Gunson are what got me started in 2012 down the path you see at iput.au/dozer, and we remain good friends, there is no bad blood there. With hindsight, I am thankful things went the way they did. It's a long story...

Been a LTH and topped up the 12:1 devalued GUN shares to make 39c breakeven for me, thankfully in the rear view mirror now, where it is staying! But I won't be adding to holdings until the sizzle has turned into the steak, and the initial smoke and mirrors have vanished with the true fundamentals visible, prob in 2024, with earlier cues. Tanzania could change that, but it looks like these will be loosely serial processes.

I note 2ic's posts with interest, sounds like a pragmatic seasoned veteran to me, that doesn't let religious fervour, hype or emotion get the better of his views. That doesn't mean a particular bearish or bullish path will come to be, nor pass bragging rights to the victor, as there are a lot of moving parts in any start-up, and how they pan out will be what it is.

All that is really clear here is that there is not a 'total fail' possibility, it is just about the mining economics and what needs to happen to land in the purple zone. Delivered over time. Of course, any start-up will give themselves the best chance possible when it gets going, there is a lot to get right here, and STA is doing a pretty good job of that. This is the 'human endeavour' side of the thing, a deep topic...

The mineralogy will remain unchanged, caring for none of this, despite the thoughts and feelings of the humans that want to get it out and make $lotsa from doing so. Here STA are looking to take it out at a faster rate than has ever been achieved with (I don't know exactly what is improved) existing techniques that have struggled to perform elsewhere, and upside is being talked about, again with no clarity around how this is supposed to happen. Which is OK, as those competent human beings have got it parked in "don't you worry about that, we'll show you how it's done, when we get to it". Well OK then, but it doesn't devalue or bolster any view where the pragmatic realities of exactly what needs to actually happen to do that are being contemplated. We can see the anomalies of the journey to date, what we want to see is the performance!