I agree. How some can suggest that the SFX forum is not balanced...

I agree. How some can suggest that the SFX forum is not balanced is very surprising with the likes of @Franpower and @2ic often presenting polar views in a rational and well-informed manner. I think the content is better than most stock forums, except for some of the more recent posts which have become more personal and off-track.

In my opinion, the SFX March quarterly was consistent with recent commentary from Bruce Griffin (in investor webinars) and subsequent updates from Bridge Street Capital. For investors not to expect teething issues during ramp-up is unrealistic. Bruce has stated very clearly on numerous occasions (even prior to first production) that some think ramp-up & commissioning is like "flicking a switch" but in fact, it is a "process" that occurs over many months.

No fatal flaws have been identified, equipment breakages (pumps seals etc) are just part of the commissioning process. The induration (while fully expected from all the bulk sample trial mining) is presenting a challenge and appears to be one of their primary focuses now that equipment availability has settled.

All mining projects hit peak working capital in the first months of production, it's why KMS ensured they had ample buffer ($75m) at the start of the recent March quarter. This will become less of an issue as cashflow from regular shipments now starts to increase.

Bruce has a history of being conservative in his guidance. Bruce continues to reaffirm that "Mining rates are expected to increase to near full throughput by the end of the June quarter..." which is approximately 6 months ahead of BFS estimates, he must be quite confident this is on track and achievable. If there were internal concerns this was not possible, it would have been the perfect opportunity for him to shift the narrative to "mining rates are expected to be in line with BFS forecasts and increase to near full throughput in the December quarter."

I encourage all shareholders and other interested parties to register for the webinar today at 2:30pm AWST / 4:30pm AEST and ask all the questions you think need to be answered. For those who complain that SFX lacks communication, here is your opportunity to get clarification. Register on the following link.

https://us06web.zoom.us/webinar/register/WN_loMZVA2OTz6lqWa9h8Hutw