Ann: Presentation to Shareholder Meeting, page-250

I personally think it is a mistake to jump straight into the refinery model. If they truly believe the PFS is flawed, then why are they using it to justify their decision making? It was something that irked me when I went through the slides.

Waiting six months just to do the PFS over again is just silly and a bit amateurish tbh. What company has done this? You just correct your oversights in the actual DFS. Why not start a DFS for a 1mtpa plant now whilst simultaneously drilling? That is the smart play, not this 'one step at a time' rubbish. If the drilling completely changes the tenement, then we can modify the DFS, not the PFS. If it doesn't, we haven't wasted 6 months waiting for nothing. We can always upgrade later. The refinery card should not be played immediately. The only way it can be realistically funded is via a JV like KDR has, and I don't see that occurring anytime soon. We don't have the expertise to pull it off either imo.

Scale is not the only issue here. Opex is high and this needs to be addressed in order for confidence to be restored to the market. As the board themselves have said 'this can only be done in the DFS', well, we need to get onto that. Long termers do not want to be diluted to oblivion, and considering management want to pay top dollar for all of their equipment, well $450mil sounds about right. 6x current market cap to fund that.