Ann: Investor Conference Call - 10 October 2022, page-6

I listened to the conf call, and like other posters can see the logic and rationale behind the dual strategy of trucking high grade to Peak and lower grade but more tonnes to Hera, my problem is that the company seems to be too slow in responding to problems like increasing costs, bottlenecks and permitting pathways, I realize that its a complex bunch of discrete sites of different geology, ages, and capital requirements but the idea of a separate mill at Federation should have been dismissed out of hand even pre-Covid, and it was very obvious to everyone that capacity constraints and inflation of materials and labor costs were going to be baked in from the pandemic. So its a case of reaching correct decisions but taking too long to get there. I see from the presentation that Dargues is still consuming capital and probably management time and they haven't been able to get to the suspension decision point there quickly enough yet.