Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-15

It was expected the grade improved the deeper FMR went and this was pointed out by sandfire's calculations. In my opinion the board purposefully withheld the final grade from the final 24,000 tonnes at that time and breached disclosure rules. I think stage 1 was always going to be completed and I also think FMR did not suffer financially and I will bet my last dollar on FMR continuing on with the JV plan.
Furthermore FMR could have mined Burbanks North and they chose not to because our SP would have likely improved on that news, instead we got dilutive raises decimating the SP.