Ann: Quarterly Report to 31 December 2019, page-2

Google Translate (Management Consultant Edition) Decoded Output:

Text Input:
“Management and the Board remain committed to ensuring the review process adopted for the Black Swan restart continues, to ensure the value drivers at an operational and technical level, benefit from further consideration and development, prior to the Board considering an investment decision.”

“The Company will continue to develop those workstreams to progress the Black Swan restart to a state of readiness so we can move quickly in a stronger nickel market price environment.”

During the quarter the Company continued to progress the Black Swan restart study. This process has been constructive and identified a number of key drivers for a restart at Black Swan that require further consideration and development. The objective is to ensure those financial outcomes that emanate from the study will also enable a longer-term production profile.

Text Output:
We're basically still waiting for the int'l NP to hit our revenue hurdles and stay there. Sadly, we haven't been able to drive the hoped-for FS costs down in any meaningful way, which would have allowed us to lower the required forecast revenue hurdles. We're also not going to finalize or publish the updated FS until we're ready to green-light the FID. That way we can defer final FID because the updated FS has not been completed [circular logic loop closes]. Oh, and we're also now a little bit concerned about availability of power, water, and HR resources (yep, that's human resources... resources). (Sure hope cubbie ain't reading this! lol )

[Translation Ends]

Side Note: You can always tell when less than ideal news elements are being delivered by a placeholding management consultant: he reverts to speaking in Latin. Interestingly, the rest of the quarterly is entirely comprehensible in plain Engrish. At least we shouldn't you need a babel fish with PH...