Ann: Expanded 2023 Growth Drilling Programme, page-27

I would have thought that itwas obvious that the previous long-term strategy has failed.Good of them to come to their senses now that we are a shell of a company.

That strategy was to in fillMinyari, increase the resource and talk a lot about setting up their owntreatment planned. They were of course hoping to force a take over NCM.You know-we better take them over before they go it alone and make lots of money-yeah sure.

That was always a fools hope.

This is where they got it sowrong and have wasted a lot of time and money. It should have been blatantlyobvious that no one would seriously believe that they were going to set uptheir own plant. For gods sake Greatland have made clear how ridiculous such aprospect would be.

And times changed last year when it has become impossible for even largish companiesto raise money let alone a tinpot organisation like AZwhy.
It now must go toanother capital raise with the share price below the basement and now in thedungeon.

How could anyone take Mr fillyour boots up seriously.

The new strategy is the return to the old strategy that they should never haveleft-explore and try to find something particularly high grade.

They should have tried to sell Citadel but it does seem likely that Rio are notinterested-I suspect that boat has sailed.

Certainly management initially took upsome good ground and its that ground that may still save them. Even though as Iunderstand it they gave away/divested themselves of Winu and Haverion. If they were Japanese they would have committed Harry Carrie-harikari by now.