Ann: Explanatory Booklet, page-4

As a matter of personal opinion, the best option for UML's shareholders would have been for UML to go into "batten down the hatches" mode, keep spending & corporate to a minimum, and wait a year or two as the gold price in AUD trends up, as it has been going for the past year. As funding conditions improve, raise the cash necessary to build the mine up. There's enough cash in UML's coffers to do this for half a decade. That would mean some directors having to take no salary, or exit their position, and not in the director's best interest of course.