Ann: Hillgrove Operations Update, page-24

This was predictable -with the immense cost pressures throughout the industry the risk was just too high .If they had gone ahead and the operations started bleeding cash they would be in big trouble .The nail in the coffin was the thalanga problems without the back up cashflow it just wasn,t a goer. Sort Thalanga and get liontown approvals .Bakers creek drilling may well show up some outstanding intercepts derisking the startup .Many small/mid miners are finding it tough going.Hopefully the liontown approvals , Hillgrove review and a lessening of cost pressures will be sufficient to allow a CR at a reasonable price . 3rd Wave may have to stump up some more capital or risk losing their investment. Either way be prepared for a long wait.I never felt Hillgrove was factored into the SP and the market at this point in time is justified.

cheers van