Hi all, Overnight we have some thoughts re: who rubber stamped...

Hi all,

Overnight we have some thoughts re: who rubber stamped Coyote etc. I though't I could provide some enlightenment and please I may also potentially have my so called "facts" wrong or incorrect so happy to be corrected.. as they say in the classics...I know nuttin..

Fact 1 - Lou Rozman and Mike Etheridge were part of a 2-man team that oversaw and nominated the board appointment of Helen Garnett and Richard Proctor. This is important. At this time Mr Rozman stepped down and Proctor/Garnett "replaced" him on the ABM board. This same board (Garnett/Proctor/Etheridge and Co) approved the Coyote deal.

Fact 2 - The ABM board approved the Coyote "lease" and strategy, and whilst Im confident AF was instrumental in promoting it, the board likely did the numbers and agreed it was the "lower risk" option. In hindsight it has probably saved our bacon - If we built our own modular plant etc etc, we very well would probably have a debt facility with PRC and we would not even be having this debate - it would be all over folks...

Fact 3 - The Steering committee (PRC initiative) dominated DH and ABM management time and were exceptionally thorough.. So either a). the members of the committee just didn't see the grade risk or b). incompetent - unlikely or c). The high grade nature of the system was always a risk that nobody could appropriately evaluate until mining had commenced - most likely.

Fact 4 - Whilst DH was the the helm as i understand OP was averaging +8gpt, since BL took the reins that has fallen to closer to 6gpt.

Fact 5 - PRC can spin Coyote anyway they like, its averaged 98-99% recoveries, nothing wrong with that plant.

I just don't buy the whole Coyote conspiracy.. The outcomes have not been good for shareholders but this is not because of Coyote, its all about the OP grade and dilution..

So again, if y'all wanna eat up the PRC spin then so be it...

PRC are reaching, call it hubris, arrogance, whatever - They tried to take this company from all of us for peanuts, they knew what they were doing and when the cops were called they scrambled.. Hence the ridiculous "APAC control grab" accusations from the company.. Seriously, like "Whatever"!!

Pete