we've been assessed, page-44

I don't think that anything went wrong in the preparation stage. I think that the company was wildly optimistic about the ease with which they would be able to jump through the regulatory hoops. It seems that a lot of the work was done in house, which is great for reducing costs, but often it is better pay the people who specialise in the field. I predicted last year that the ML would be granted in the second quarter of this calendar year at the earliest... which seems unlikely now. I don't blame the management for being wildly optimistic and maybe having a misplaced confidence in their ability to navigate the system quicker than everyone else. It seems that it is part of the DNA of junior players to be optimistic to the point if being deluded. At least our guys have a great resource and are getting closer to production despite the inaccurate timelines and the losses that most of us are sitting on.