The company is obviously aware of the challenges. I liked these...

The company is obviously aware of the challenges. I liked these comments from the Chairman's address. There are a number of options available to Phoenix, all of which should be profitable.

"Throughout the year the Company has been actively assessing development alternatives for its Projects. These alternatives have been advanced through the year with the ongoing DFS, the development of Catherwood through a right to mine agreement, with no up-front cost to Phoenix, and the development of Blue Funnel by Phoenix with treatment at a nearby processing facility.

The DFS assumes a new dedicated central processing facility will be built by Phoenix. It is anticipated the DFS will demonstrate very healthy returns for Shareholders. Both of the other alternatives, to develop projects through a right to mine agreement, similar to that trialed at Catherwood with Norton Gold Fields, and development by Phoenix with treatment at existing facilities, trialed at Blue Funnel, have the potential to deliver a more rapid pathway to cash flow at greater certainty, a lower risk profile and lower capital costs. The Company is continuing to assess which of these options will produce the optimal outcome for shareholders and will advise ASX once a decision is made in this regard.

During the year the macro environment has evolved rapidly. There is now significant under utilised processing capacity in the region which was not previously anticipated. Phoenix will continue to adapt and be flexible in response to external influences and opportunities and will seek to leverage off this circumstance.

These alternatives will be assessed by the Company over the coming months. You will be kept informed of any decisions made, but rest assured the Company will choose the alternative(s) demonstrating the highest return to shareholders."