what absolute rubbish

Firstly thanks to all those that have contributed without their their hidden agendas. Only been a shareholder since sep last year but would certainly like to be in the years to come.

There has been a lot of critisism of management in recent weeks and given the SP who can blame anyone after all it is the responsability of management to ensure true value is optimised. Absolutely, one can argue the PFS was a massive let down to what we were expecting.

What absolute rubbish!!

The PFS came out and it was to serve one purpose, to ensure negotiations with the JV happened in a timely fashion allowing the company to move to the next stage. It has served that purpose.

What I see is a lot of share holders concerned about the market going forward, I have been one of them, keen to transfer a large parcel into cash till the nigtmarish market subsides. Add to that the huge Tax benefit given the timing of everything. Add to that the delays of results and the introduction of multiple partners.

What have we seen in response from management?

2 Days Post PFS release - BRR Announcement
Pretty sure the main focus was the use of the word conservative probably a thousand times! PFS based on a large section being counted as waste due to PFS regulations. Costs definately higher than expected however previous estimates were based prior to the increase in costs nation wide and fails to include massive cost cuts by benefication plants in asia as apposed to australia. Management also hinted to additional cost cuts going forward, already we have seen results of this with the 3mm testing.

1 1/2 Weeks Post PFS release - Irvine Market Update
A pretty good description of what is come, back up to 45 cents I think! Still not enough in this environment though with share holders needing to see a deal done and back we slide to 23 cents.

3 Weeks Post PFS release - Shareholder Meeting
Pretty much and expected outcome

3 1/2 Weeks Post PFS release - Ratification
Again expected but here IMO we start to see the hard work management have put in already and continue to do so. Several articles showing massive support by the locals and local governments. The agreement setting up smooth sailing with all parties more than happy with the situation and with an all important vested interets in seeing the project come to fruition.

5 Weeks Post PFS release - 3mm Grinsize Testing
Without a doubt as previously stated, management showing the consevative figures of the PFS and the possible future upside to the project.

6 Weeks Post PFS - IMO- another nibble

7 Weeks Post PFS - IMO - JV deal with Japanese as the primary partner.

Short term - who knows with the markets the way they are.

Medium term - IMO - 80 cents minimum

Long term - IMO - All my faith restored in the market not management.

Its been a rough ride for me and many others, many like myself have lost a fortune, but like many here say for those in a position to hold out for true value to be realised its only paper losses IMO, those here for the short term good luck.