Ann: SVL Secures A$30.2 Million Convertible Debenture Funding, page-22

Educate me then mate. I've done DFS and BFS myself. They can take a long time (vastly longer than PFS) and for BFS we are talking tens of mil - my guess is they probably wont need a BFS but im not in the room with prospective funders. Sometimes companies can accelerate their DFS by starting some of the work in parallel with a PFS or even earlier but with a DFS and BFS you're getting toward near cost and mining certainty. You need accurate mine plans with minimal dilution - your drill spacing nearly starts producing commerical quantities of drill core or RC chips. You have to have fixed or near fixed price contracts on everything construction and infrastructure related. You need met work to be near perfect - has there been a lot of announcements re met yet?

Banks and other mining lenders have very little margin for error. I'm not talking mining investors like this round but groups with extreme risk avoidance. No mine gets up without them unless you're a major miner who is self funding. I've sat in many rooms and watched bankers take what i thought were conservative plans and slash them back again and again with extra dilution and averaging commodity costs over 10 years. I'm sure you've got similar experience, so please educate me on this one as a mining investment going toward development becomes all about the detail and execution as opposed to regional exploration programs and drill targets and even nice fat intersections.