Ann: DFS for the Norseman Gold Project, page-7

I may be wrong, but at the moment it looks like they are going down the incremental DFS/production route using stages, rather than spending years drilling out a huge resource and building one huge production plant at the end of that period.

I'd say they may be thinking to start producing on a smaller start up scale to begin with for a couple of reasons, those being the high current price of gold, and the ability with early profits to buy the other 50% of the Norseman project.

Let's see if I'm right, and if it works out that way, and which method investors prefer, and how the market cap reacts at various stages.

DFS number 1, smallish plant, production.
DFS number 2, plant expansion, higher production - buys other 50% of project.
DFS number 3, plant expansion, peak production ongoing.

Gw