Ann: Quarterly Activities Report and Appendix 5B, page-13

"Progress with the IDC ongoing from mid-October but no specific dates mentioned in quarterly apart from site visits ‘this month’. It’s getting urgent. With all the presentations and blue sky opportunities I've seen in their announcements and all the upsides others have mentioned, why is this boat not already out the harbour? What are the funders seeing that we aren't seeing? Possibly I need to be patient some more."

This is the single biggest mystery surrounding this company. Blue sky opportunities but it has been incredibly challenging to secure funding, so something must be off but we don't see and instead get blinded by the blue sky numbers. MNB said it is going for IDC because of "better terms" than the original $25m, but if so then why were the original terms shit (or for a nicer word, "not good enough") when the project has always seen upward revisions to the DFS since it was released? In other words, why were we offered "not good" terms back then while the project has been nothing but "very good" since the beginning, and now having to rush, reallly rush, through funding at the last minute via another lender? Despite all the discussions back and forth that went on for years here, I have not seen a single convincing theory that is close to explaining this mystery.