Ann: Proposed issue of securities - CAI, page-19

It's still a red herring, isn't it?

Any rehabilitation bond would be assessed based on an exploitation plan of the Nullagine tenements that'd include an 'ASSET' valuation based on reserves and resources, not just the 'LIABILITIES'. That's a standalone exercise and agnostic of Warrawoona and Haoma JV, which this refinance is assessing. Its hard to take anyone's intentions seriously when they only look at one half of a financial statement to justify their opinions.

There'd also likely be a rehabilitation levy against specific tenement exploitation and environmental permits, as Novo were obligated to on Beatons Creek. Was it a 1% rehabilitation levy?

Its all 'real' stuff, at the point exploitation of the Nullagine project becomes a real commitment. At the moment, it's a red herring, especially given the deliberately narrow focus behind a specific agenda.

Everyone can have an opinion, but we all share exactly the same set of facts. And on that point, we should know more facts inside the next 12 hours regarding the refinancing.