Ann: Diggers and Dealers Presentation, page-41

I think we are just seeing a reticence to announce anything that is not certain, which is understandable, but I think too cautious.

I also am mindful that we need the new MD, and the board are no doubt grateful to have him on board. Any MD would rather develop their own project. Taking over an in-train project that had not been handed over to an engineering firm, but was more do-it-yourself, and without the benefit of a proper handover period from the previous incumbent, not to mention using a second hand mill from a very different operation (I think I recall reading that the Lawlers operation obtained most of its gold from the gravity circuit) is a big ask. Normally taking responsibility for a build would come after years of preparation and knowing the project backwards; the new CEO came in with the project already underway and no induction from Don. No two individuals will approach a DFS in the same way, and Don and the new MD seem somewhat cheese and chalk, so the new MD probably found things that made no sense to him. In some respects it is reassuring the new MD is doing what he sees as necessary even if it is unpopular.

That said, it is reasonable for shareholders to be wondering about the timeframes being contemplated, the possible funding scenarios, and what the newly calibrated strategy actually is.