Given cd's background on page two of the report,something has...

Given cd's background on page two of the report,something has clearly gone awry.
I can accept some missteps,but there would appear to have been a litany of them.
Frankly the appointment of Robert Mencel would appear to be one of the "highlights" of the year,among-st many lows..

	Column 1	Column 2
0	Robert J. Mencel

Background*

Mr. Robert Mencel serves as the Chief Operating Officer of Valence Industries Limited. Mr. Mencel served as Managing Director of Tyranna Resources Limited from January 1, 2013 to November 20, 2014 and served as its Acting Chief Executive Officer from April 16, 2012 to November 20, 2014 and Chief Operating Officer from March 28, 2012 to November 20, 2014. He focuses on finalising the Business' Commissioning and Operating Plan to get the Wilcherry Hill Project into production. He served as General Manager of Tallering Peak and Koolan Island Operations of Mount Gibson Iron Limited. He was a Mining Engineer with extensive experience over 25+ developing and operating a wide range of engineering, mining and mineral processing operations. He served as an Operations Manger, responsible for the start-up of Normandy Limited’s Ground Rush gold mine. He has held other senior operational and project management roles with Tenix Projects Pty Ltd., Tenix Defence Pty Ltd., WMC Ltd., Normandy Ltd., North Flinders Mines Ltd., and Glengarry Resources Ltd. He served as a Director of Tyranna Resources Limited (Alternative Name: Ironclad Mining Limited) from January 1, 2013 to November 20, 2014. He holds a Bachelor of Engineering in Mining Engineering and a Masters in Business Administration.

The other "high" would be the emergence of the finance package.

I would like to have seen a comparison flow chart,where we will achieve a circa 50 percent improvement on the existing name plate production, given the "marginal capex " to acheive this.

IMHO it behooves cd to offer up a mea culpa, perhaps even a maxima mea culpa.
The wage bill,given limited production is a glaring example of extremely poor management.
There would appear to have been a complete disconnect between VXL personnel and the Sth Australian government over the Uley mine and its operating and environmental procedures.
One should have had every confidence that quite the opposite would have been the case.
Evidently the board thought they could cut vital layers of management from the payroll,while achieving the appropriate milestones to get the mine into production,it would seem the opposite has occurred.
As they say " penny wise and pound foolish ".

The board should take ownership of the comedy of errors,draw a line in the sand,so we can all move forward in unison to around April next year.

Raider