Ann: Corporate and Operations Update, page-2

Interesting. Lots of positive news. My questions: Why will the annual report be so late (20 days)? No apology or reason given. Have the auditors changed from Ernst & Young to Pitcher Partners? If so, why? Or are Pitchers being paid to produce the annual report, with EY doing the audit? I thought EGS had an accounting team, so not sure why this would be outsourced at further cost. I note that other group/related companies seem to use different accounting firms too, very unusual, plus there's Deloitte Tax Services who were one of the companies taking legal action against EGS. Why are there 4 years worth of outstanding R&D claims? This seems ridiculous, especially with the company claiming it is owed $5-6m in an environment where it is paying bills late and has had/still has various debt recovery court actions against it, where presumably legal fees would be incurred and staff tied up. No mention in this cheery report of any recent court hearings and their outcomes, and nothing at all on GR Engineering. Apparently those activities are not of interest to the market. Interesting that the company is saying the processing plant shutdown was planned - the reasons given (sorting out minor inefficiencies and material handling/bottleneck issues) do not accord with unsubstantiated reports on Hot Copper that production has halted due to cash flow problems. Interesting...