Ann: Change of Director's Interest Notice - Wayne Heili, page-27

Cheers VI
Looking through my notes I reckon the standouts points were:
- All the figures in the FS are very conservative (especially the few that are assumptions like acid price - which they feel could be sourced locally cheaper and also noted that the price is at long term highs)
- Most of the running costs are informed by experience of the working mine
- Regulatory approval is progressing very well and will be done by the state not the feds
- The state regulators have been working for 1 year before the handover with the team in place ready to start doing business on day 1 of the handover
- Field Leach trial not done because the regulatory requirements are almost the same as the real deal - making it more practical to go straight into it
- Testing for acid process is a lot more comprehensive than was originally done and comparative tests show the new process far outperforms the old process
- Stage 1 will be paid for with cashflow - as will the sustaining CAPEX later on (the $342m)
- Stages 2 & 3 will be CR funded (my impression was that this would be done post stage 1 only and only if U price was already ahead of BE)
- They feel that there is a lot more resource to be found on the site
- John Harrison is quite reminiscent of Roger Moore