New Era, page-4

The new MD has some excellent connections and a 5 million share incentive to get the project to production. Once RWD has a solid DFS financing the project should be fairly easy imo. As for backing off to PFS status it is not such a big deal though peoples expectations were obviously high and their patience ran out last week. That said it only takes one cost centre to miss the +/- 15% criteria and you are back to dealing with a PFS. I suspect though that the components of a DFS are 80% complete already so not a whole lot to do. One potential left field thing to consider is Talisman. I think Sandfire will eventually pay cash for the Monty deposit, probably around $50m which would leave Talisman with $60m in cash and looking for a new project. The new MD of RWD and the new MD of Talisman go way back to Jubilee days so I wouldn't be surprised to see some ongoing connection there. Also don't underestimate the Talisman connection to Kerry Harmanis who is a major shareholder of Talisman. It would be nice to see this guy join the RWD registry (probably in the next placement imo) and if he wanted could he probably fund the project entirely.