U Coming to WA, page-353

Thos pilot test-work is a distraction & money pit. Another shiny object that RH can use to spin his narratives and use to drive more dilutive, useless raises.

Don't get me wrong, a pilot plant is generally a good idea to achieve confidence in the orebody's metullurgical characteristics, and to prove & refine the process flow.

But, it's usually done as part of a DFS (Definitive/Bankable Feadibility Study), usually AFTER a PFS (Pre-Feasibility Study has already been completed).

For example, Vimy completed a PFS in 2015, then did pilot test-work in 2016 with 34 Tonnes dug from a couple of test-pits. Then they completed their DFS in 2017!!! In 2021 they acieved "substantoal commencement", and got the WA Govt Approval! Their value soared.

We've done none of that!! We are stuck in a never-ending loop of Scoping Studies...scoping study, after scoping study, after scoping study.

You need a DFS to advance the project to construction. This management team hasn't even started talking about doing that, has never mentioned it.