Ann: Fremantle Explorers Presentation, page-71

Hi darp,
I think it's a given that Q1 in the FCF diagram is the first quarter in the 3 year LOM plan. So no relationship to calendar years.

The critical path to commencement would seem to be

*get funding agreements signed up..
* get the board to rubber stamp the investment "FID"
* finalise the mining contract which will almost certainly be an extension to the short term contract that has sorted out all the commercial details with Pybar and allowed them to hire staff and be set up and ready to get cracking on delivering ore to the stockpile..

Lachlan has done an excellent job entering into a short term contract with Pybar to get on with tunnelling across to the lodes so they can be set up and ready for the main event.

Re the MC51:-

According to the time lines in the capital raising presentation the SA government grant and the no payback if no FID funding arrangements with Komatsu provided enough funds through to about now to trial the MC51 and hopefully get a 500m decline in place.

Who knows if the decline has been completed and there is still a bit of money left to get the MC51 to establish the portal for the air shaft.

The other alternative is of course that they needed to get the MC51 out of the way for Pybar to get on with the job in a timely fashion with drill and blast. With the last of the MC51 funding being used to establish the ventilation shaft portal.

Not sure if I dislike being kept in the dark like a mushroom any more than I disliked being trapped in the pot like a lobster.

Hard to see this going pear shaped from here all the stars are aligning for a bonanza result.