Banter and general comments, page-18444

The analysis done by Macquarie is fit for the bin. They seem to base the delay in first production to FY 24 based on what they term as "Higher Senior Executive turnover recently" and "impact of wet weather"

The recent resignation of the CFO is not unusual. Looking at his profile on Linked-in, he has been involved in a number of ASX listed companies for a number of years and the experience he has gained makes him marketable. He has done what he was required to do, the company is on the cusp of production and is in a strong financial position. Hence it would not impact the progress of the company.

Stephen Biggins played an important role in the development of the company and the new CEO I am sure has the experience to further progress the company.

The recent announcement makes no mention of any delays and confirms the first DSO shipment of 15,000 tons over the next coming weeks. In such an operations adverse weather conditions cannot be controlled by man and if it happens, it has some consequences.

In such operations, desk analysis can be dangerous, especially when forecasting a delay in production. One really needs to be on site and observe the progress of operations and if there is no progress, or the weather is going to be wet, then one may have some justification to make such conclusions. I do believe that this analysis lacks substance and hence my conclusion "fit for the bin".