Ann: Half Yearly Report and Accounts, page-38

Hi Kenco,
Yes, I commented at the time that it was a very well-constructed report and that it was also obvious from the vocabulary and sentence construction that each line manager had drafted their section report for concatenation into the update. That's the quality and clarity we need. That report was dated 31st January

This was not the case in the 6-monthly financial report (update section)released this month. As an example, if we look at the expectations set in that last quarterly, in any further update(which was in that financial report dated 10th March) I would have expected follow up reporting on:

A total of 19 technical evaluations and recommendations for awards have been completed for the Project, representing over 60% of the total equipment packages, with recommendations for award for the following equipment to be completed in the coming weeks:

• Plate filters

• Thickeners

• Bulk handling system

• SCM system

• Condenser equipment & accessories

They should have told us whether these have been awarded.

The seven (7) equipment packages below that remain to be tendered will be issued to the market next month:
• Fire protection system
• Crown handling
• Control valves
• Flocculant system
• Instrumentation
• Compressed air system
• Manual valves
They should have reported whether these in fact have been tendered.

There was no information on those critical items which is pertinent to the further draw down of the next $10M and whether the project on schedule.

I know this may sound pedantic, however if they are providing progress updates(which I had said that they should have left the financial report as solely financial for a separate update) they need to account for the expectations set out in the previous update. That is the CEO's responsibility to communicate to shareholders and the Board needs to be responsible to ensure that happens.

We should get the next quarterly at end of April, let's hope that it's of the same quality as the last quarterly and not reflective of the progress update provided within the 6 monthly financial report.