Ann: Quarterly Activities Report , page-2

Whilst disappointing that they have some hurdles, I believe this is one of their better ASX announcements in terms of detail.

Some positives to take from it:
(1) Determination to ensure that the tailings plant is fully proven before proceeding with any hard rock processing
(2) Estimated cash outflows of $450k in the next quarter, meaning that with reason (1), a capital raising is not just around the corner. I wonder what inflows they will receive to offset the outflows?
(3) Success of the fine slurry plant and high grades being returned

With the challenges laid out, we would hope that future announcements will be showing good progress being made against these challenges. It would be nice if they had monthly production updates as some other companies did in early stages (like NST) but I don't think this would happen.