Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-8

You are right that the producers are rolling in it albeit their costs are rising in lockstep with the price of gold. But the rising cost of money means explorers have to dilute their shareholders into oblivion to raise funds at very low prices. And there is huge caution around single-asset developments given staff and other shortages especially in WA and the inflation implicit in that.

I did quite nicely following GOR and CAI into production. Bad examples cause both have done nothing since. Fortunately I sold at production. So nothing in principle against following a development. But just feel it’s too risky right now. A personal call. Love to see you make a bucket-load.