Ann: Offer Document, Entitlement and Acceptance F, page-26

re: Ann: Offer Document, Entitlement and Acce... I am absolutely astonished how so many people are hanging their hats on the JORC upgrade. The JORC upgrade might cause a spurt in the share price as people get excited about the potential. But the bottom line is this:

The company does not need to the upgrade to proceed with the project. What it needs is a BFS to get the funnds. From the various representations, and assuming that BFS is favourable, they don't need the upgrade.

So the way I see this is that the JORC upgrade injects life in the share price, but unless they have a clear plan to commence the project, no value can be assigned to the JORC upgrade. The most important news to me is progression on the IPO. No IPO = no project = no value to JORC upgrade.

Because they have not given any updates about IPOs, there doesn't appear to be a drop date day where we have certainty about the project.