Ann: EPA Amendment Approval Received for Sorby Hills, page-11

Exactly.

This is why the DFS and offtake delay was worse than people seem to realise. It is not "just" the 12 month delay (that is already massive). It pushes us past into the following wet season, which means it's effectively an 18 month delay. As you have said, tenders could easily have been finalised already, pending funding.

For those saying that nothing has changed - the timeline quite clearly has. And if we run out of $ pre-funding which is more likely with the delays it means we are running on equity rather than our debt funding for a longer period of time, meaning we may need to raise prior to funding. Which means more dilution. $6m will barely get the roads in place, let alone long lead items.