up 8%, page-10

I think you were right Pagedown. Anyone notice how early the big sell oder was pulled?

Nice solid days trading again building up a strong support level prior to the much awaited DFS.

Why the delay? Has management decided that an all inclusive Trilogy/Kundip startup for a 10 year mining plan is preferable to the simlified safer two phase option starting with just Trilogy. If funding support is there I would rather see them go for it all now. The gold (750,000 oz identified)at Kundip seems too darn attractive to leave in the ground for another three years. We were only given the JORC for Trilogy not Kundip.... so is finalisation of the release of the Kundip Reserve and assesment by bankers and traders where the delay has occurred?

All depends on how attractive the bankers and traders see the Kundip resource on top of Trilogy. I think the market would appeciate and be more excited by a single Trilogy and Kundip project. Although more complex there must be some costing efficiencies getting the production facilities built and commissioned as one project.

The greatest risk in my view is not taking maximum advantage of the excellent outlook for gold/silver and base metals in the medium term. With some intelligent forward sales/hedging positions Phillips River can be a secure bankable operation.

Obviously it is not Tectonic (and partner???) but the bankers that will have the final say.

We should know this week!