Ann: September 2015 Quarterly Activities Report and Appendix 5B, page-7

I can see why this 'failure of execution' theory has traction here. If correct then all that is needed is better leadership/ organisation etc and the problems will go away. The company will trade profitably, the loans will be approved, high tech production will eventually get underway and shareholders will enjoy a boost to the SP. Unfortunately this is fantasy in my opinion. Is CD such a dunce that he couldn't deliver? That's not at all the impression I get of the man. I've had detailed discussions with him that have left me convinced that he is across the finest grain detail of the project, the market possibilities and the challenges. And he's an innovator, he pioneered selective mining techniques to lift the mineral grade and avoid processing dirt. Regarding 'execution failure', I can accept that if it means high cost of production and unfavourable production split but realistically what can be changed? Australian workers are costly, economies of scale are non existent, environmental concerns cost a lot of money to address. And market conditions have been poor except for the high end mineral that the company does not substantially cater to. CD was spot on to aim for that market because it is growing and offered profitability even at the high COP. But execution of that lifesaving production change was hugely expensive and the company's finances were bled near dry. The above are the real challenges that the company faces, not a simple failure of execution but a complex set of problems that will not be overcome in a hurry.