Ann: Investor Presentation, page-17

PNG government certainly won't stop the investment going ahead. On the contrary, they'll support it given the positive DFS economics. However the issue is what percentage of the investment government will want and the impact on commerciality. There's also the question of the approaching PNG elections in 2022 - which ministers are returned and their views/actions on foreign investment. All this suggests a probable delay to the project's development schedule and of course investor returns. Once the investment is made and operations are up and running, then PNG has a pretty good track record in the fiscal and legal environment. The main operational risks will be the community relations (which seem to be in hand) and to some lesser extent the mine geology technical risk. Priority number 1, my view, should be to get that environmental approval (it's yet another PNG project with proposed disposal of mine tailings to the ocean - generally not in fashion around the world) and obtain a commercially sound project development agreement that KSN's financiers support. After that, the rest is "normal" business.