Ann: Gold and Nickel Targets at Windarra, page-43

Hey Noor.

I took a screenshot of your previous (similar) post on my phone - your experience resonates deeply and I will keep that post as a reminder in the years ahead.

I had similar $ losses as you on POS. Whilst my situation is not as acute as yours, the pain felt is not imaginary and I have had to make some 'adjustments'.

Plenty of time to think about the mistakes made and ask the question of what you'd have done differently (besides the answer of never buying POS in the first instance). For me, the biggest error I made was my interpretation of the Nickel market and my dismissal of the Indo Nickel story (particularly the bit about conversion to Class 1 Nickel). My key assumption was that Nickel was going to sustain much higher price levels - I got that deadset wrong.

I too read in great detail all the announcements and believed the company line. The really questionable moment for me was the speed at which PH went from continuously re affirming expectations of the restart to stopping it from happening. He must have had his doubts well before that day in July last year - he just never shared them with us, and I guess there's an element of that which was him doing his job of promoting the company. He was, however, right to stop the project. POS is still alive today (conceded the heartbeat is faint) because of that decision.

As far as PH is concerned, your animosity is understandable and if it helps as an outlet for you, rip into it. I don't feel animosity towards PH - I think he's a reasonable bloke - but I'd be unlikely to tip money into a company he was running in the future. The reason isn't because this all went south, it's because of the speed at which he turned (at least publicly) from 'full steam ahead' to pulling the pin on the project. You can't work with that.

Be kind to yourself Noor. You backed yourself in a big way with the intent of really moving the dial for yourself and your family. It takes genuine balls to do that and a large majority of people will never do anything other than dream of having a real crack like that. I have genuine respect.

The job now is to look to the horizon and do what it takes to keep going.