Ann: Kharmagtai Open Pit Scoping Study Completed, page-19

Yes, the rules around scoping studies are very strict. Valuations of any sort will be sanitised.

Short-term punters are in a self-fulfilling sell off right now. Always a good time to consider accumulating.

Let's look at the longer term picture. I think we can all agree that Xanadu are trying to wrap their arms around an elephant; the orebody is of such a scale that it will be a project in some form or another; the challenge is the resource delineation and landing on a development option or options which the markets will support.

But yes, they do need a mining engineer / project developer on their KMP/board; they are excellent geos but it does look like the study is pinning a tail on the donkey (or elephant in this case).

And Stewart and Clark need to hit the marketing circuit now they are back in Australia.