ARU Management - Where to from here?, page-20

No contractor will commit their own finances in ordering any materials or additional workforce until they have signed contracts - post FID Szalva and our mob who burned a lot of money last year certainly did not commit any monies to construction long lead items. They did important site infrastructure with camp - water - access roads - site clearing. Yet our CAPEX has not reduced on basically that full - what was it 140 million churn last 18 months with what we were advised early site works and more and more engineering - the FEED was completed a year ago - part of conditions for debt component yet we keep paying HATCH many millions for what is advised as engineering improvements which are becoming as long as the proverbial piece of string. Unless there is an increase to initial production - unlikely! We have been advised many times of pipe testing - whilst critical these engineers are milking the cow -seriously!