Chairman's address 2017, page-84

The PASS Approval process has been a protracted, testing our patience & resolve, not what most of us expected. It may not have surprised CC, with his experience, but most of us it did.

I was just reflecting on the positives - EPA approval & the ERR progressing "positively" and no set backs apart from slow progress. One thing I know about Engineers is that they are very focused and methodical - they get the job done, usually with a minimum of fuss & complaining (their job is to solve problems not complain) but not always with a lot of communicating.

That's the way I see this. Mike Trumbull is a Mining Engineer. He is focused, methodical and is getting all the boxes ticked, one by one. Every obstacle has been negotiated, in an orderly way and things are progressing towards the desired outcome. He can't control how long, so "Engineer thinking" says work with the issues, solve them and don't have "a sooky" and communicate outcomes as they are achieved.

We on the other hand, are Investors, we want quick & positive resultss, none of this "progressing positively" crap, I mean fair suck of the sauce bottle. We don't expect daily communications, every 2nd or 3rd day will do, not 2 or 3 times a quarter stuff.

It seems to me though, that if we take off our Investor Hats" and put aside the time delays, then everything has gone really well. No knock backs, Infrastructure spending "beefing up" and likely ERR approval, well before Easter 2020 at least.

As someone said yesterday .... quietly confident (maybe not so quiet in my case)