Ann: Positive Norton Gold Mine Scoping Study, page-12

"That is a tiny amount of production for a listed company. "

It comes to around $5m net revenue pa, the MC was $6m at 1.2c

"Not much room for error and forget about ongoing exploration, corporate overheads etc."

corporate overhead are $700k pa. Plenty of room for exploration and even a share buyback.

"It doesn't take much to wipe out the profitability for such a boutique deposit. Cost overruns, ore loss, dilution, recoveries, resource upgrade or lack of it, ongoing exploration and corporate costs."

The reason for the delay in getting the study out was that management did their homework and are typically conservative in their approach.

Hope this helps.