On re-reading the announcement, there are really only two...

On re-reading the announcement, there are really only two sentences that concern me:

P1. "The Company is currently reviewing options to achieve this objective, the timeframe needed and the associated funding requirements."

P3. "The Board has therefore determined that it is necessary to curtail activities outside of the core focus of accessing and mining the Mako Lode in the Llanberris compartment in order to demonstrate whether or not there does exist at the northern end of the prospective Ballarat goldfield sufficient mineralisation to sustain a profitable modern mining operation."

So we have a hint of further fund raising and a suggestion that the Board is not fully convinced a sustainable operation is realistic.

The rest seem like operational ups and downs only.

So while we all thought we nearing the higher certainty of regular production, we are still in the higher risk stage of working out if there is sufficient gold to make it a go.

The 60% odd fall in the share price this last week is certainly a sobering way of learning this lesson!