NEWS, page-275

It actually takes a lot of work to put together a BFS according to the imposed govt standards. No one is going to report on every activity that makes up all the activities by all the parties involved at every step.

I understand that we are all impatient to hear positive news as I am too, however, unfairly criticizing management and accusing them of indecision, sitting on hands etc., displays a childish sense of ignorance from investors who are supposed to have a greater sense of maturity.

Those comments will make absolutely no difference to the progress to be made at POS or any other project.

Peter Harold left PAN a little over 2 years ago. Not because there was little opportunity at PAN (he hasn't sold any shares) but clearly he saw even more opportunity at POS.

Looking at each announcement made since PH joined POS 2 and a quarter years ago, there has unquestionably been a great deal of progress towards achieving a long life and very profitable operation at Black Swan with a BFS due in Sept 2022- 3 months away.

That's not all, there has also been considerable progress at LJ and even Mt Windarra. There have been useful and appropriate strengthening of the management team, infrastructure has been improved, replaced, upgraded, etc., along the way..... and much, much, more.

In my view, there are better options available than whingeing on HC:

1. Review regularly what has already been done and try to understand how that adds to achieving the end objective.
2. Keep an eye on the end objective of the organisation and how your chosen investment is moving towards it.
3. Understand that neither the SP or market cap is necessarily a good indicator of such progress.
4. Try to learn about the skills and activities needed to build a successful mining business.
5. Keep track of what others are doing in the same space. Compare your chosen investment to them and understand that unforeseen changes happen to everyone.
6. If, after all the above knowledge and analysis you're not happy of progress, sell and invest elsewhere.
7. Keep emotions in check, they are your greatest enemy when making investment decisions.
8. Good luck with all that you do and try to be nice to everyone.