Ann: PFS Update, page-70

Not a lot to say on my end. Really just waiting for the PFS before I reassess. It's rare for a stock to do well on a feasibility study release so I tend to a short-term mildly negative stance (vs other gold stocks).

The stock is going to be in an orphan period for the next 18 months. Not sure how much appetite there is for a takeover before DFS. Can't think of many earlier takeovers in recent years, maybe Great Bear Resources. CDV, ORR, Osino, Seguela all taken out after DFS. A few Canadian projects being taken over in construction recently - Sabina, Marathon.

The district scale exploration hasn't been all that exciting. I was hoping they'd get another million ounces in a satellite somewhere to bolster the early mine plan before the very high grade comes in. The permitting risk still exists but I don't think is in the share price if something negative were to come out.

If gold miner sentiment continues higher then the stock will likely do ok, but probably under-perform the developers currently in say the A$100-200M market cap range.