Just sent this to Tim. Time to give shareholders some credit for...

Just sent this to Tim. Time to give shareholders some credit for being a shareholder.


Hi Tim,

I’m a bit concerned about the complete absence of information coming from Novo and PIO regarding this potential JV.

It is my understanding that there is no legal JV until Novo expends $500k by 18 September, less than 60 days away and there has not been a single announcement on any monies expended to date.

I believe Novo have only recently received some heritage and/or environmental approvals, but who really knows? Neither PIO nor Novo have told us.

Nearly 2 years of zero information and PIO have simply said they can only refer to any Novo announcements. This simply is not good enough!

Surely PIO have some sort of representation on management committees and should be pressing for progressive releases. If not, why wasn’t such requirements written into the agreement?

How will shareholders actually know that $500k was actually spent on legitimate Novo/PIO “exploration expenditure” and not just have significant allocations of Egina base camp costs and general overheads allocated to hit the $500k target?

Will these figures be audited?

If Novo do not meet the target by 18 September does this result in Novo not meeting the requirements to proceed with a JV and an immediate default?

I still believe these lag gravels offer the best immediate positive impact for the PIO share price. If nothing else, all shareholders should know one way or the other by 18 September.

It’s all quiet on the North Dome, pollucite and any potential further deep hole drilling at Blair re nickel. Will wait for update in quarterly.