"FFX became aware that the Morila mine was experiencing material...

"FFX became aware that the Morila mine was experiencing material operational underperformance relative to budget on 24 June 2022" ( from 12 July Response letter)...... That's more than just production guidance that they tried to turn the narrative to....FFS....

I've mentioned it before, but even the way they describe the final weekly report as the "24th June Report" is disingenuous. The report was complete almost a week before that and reports on events from a week before that in turn. Management were so uninterested in operational performance from our/their own business during a key phase of the mine's roll out that they simply couldn't get any information about it's issues until a week after the weekly report was completely concluded, compiled, scanned, printed and delivered by pigeons or message in a glass bottle or something.

Quality management that simply couldn't spend even one day on the job without voting themselves disgusting pay, couldn't get information any quicker than that, let alone do anything about it.

There was then a further day to call the board for a meeting, NOT inform shareholders double underlined.

On to the things they did know about

The "new fleet" hadn't arrived at all in January. Clearly a pretty big issue that could conceivably cause operational issues if for example, the contractors you hire to cover the shortfall in equipment were dodgy as anything and charged far out the a$$ for the privilege. Management said nothing until the ASX forced them, in this case not even at the start of the halt. It had to come today.

We also now know they were aware the contractor was not fulfilling their contractual obligations to the point where they were taking "commercial action." Management said nothing until the ASX forced them.

In the first instance they clearly lied because despite admitting that the contractor was so bad they were seeking reparations essentially, they still claimed in the first letter to the ASX after the halt that they didn't know of any operational difficulties with the gold output. I would think the two are pretty related. If your projections for ounces are based on your workers doing a goodish job, it stands to reason that if your workers don't have the gear and/or are doing a job so bad you are seeking "commercial action" against them, then there likely would be downgraded productivity and hence difficulties with the gold output.

Related to the above, but the equipment was junk, broke down all the time which again would clearly effect the gold output. Management said nothing until the ASX forced them, today.

I am invested here pretty heavy so of course I'm not taking any joy in any of this. But I simply cannot see a way where this inept management on top dollar can claim they didn't know of any issues with guidance for the mine until the week before the halt. It's clearly just not true. They had months to inform holders of all theses issues, why didn't they?

Over the last year management have made a big show of the increase in stock price despite many issues and perpetual raises as proof of their indisputable prowess. Whenever faced with criticism about their spending/raises they would trot out the stock price with, for mine, a pretty gross dose of smugness. It seems to me that like the high stakes gambler, Anderson was just doubling down and hoping that somehow the issues would go away in time for the end of the 'ramp up' quarter and he could point to some win near the end. From there we know the Anderson MO by now - *hand wave* there may be a small CR for *mumble* and we are "searching for quality cornerstone investors on the register" before just calling up Euroz and presenting them with a trough to gorge from.