Ann: Walyering Update, page-46

I think an issue we have here is:

- The longer this project drags out the less credibility management has being able to deliver on time and budget, they will be hard pressed to keep this on cost now

- As a whole the company will continue to burn cash until profits start, if anyone looks closely they are spending a lot more in the anticipation of being profitable

- whilst Stuart is a great promoter and commerce background, clearly doesn’t have any experience in engineering or building projects, it’s periods like this ‘communicating to shareholders the build initially would initially take 6 weeks’ it makes him look like they didn’t really know what they are doing.

GLTAH - based on site intel it unfortunately looks like we won’t have mechanical completion any time soon, would not be surprised if the share price dips to sub 40 as we get further into this quarter. Fingers crossed we get somewhere pre Sept 30th!