Ann: Activity Report Quarter Ended Dec 18 & Guidance Update, page-15

We agree again VYR.

In opinion:

While the stock piles are of lower grade, its not unreasonable at all to assume that ore from Nugent will be flowing by the time the stockpiles run out, even if the they end up dithering for another quarter over the PHES, which is v likely in the opinion of this little black duck. 

Given Steve is likely sick of the current pit which he terms as "difficult", I think the PHES is really a likely endgame for the pit. Steve said that some of the bidders are seeing a 100 year time horizon on the PHES, so I imagine that this makes a trialing royalty of some sort a pretty good option, although the passage of freehold title will likely result in some form of upfront payment, which could potentially be allocated to the divvy. 

Since the board seem to be aware that the investors will outside the office with baseball bats (with many members of this blog in the front row) if the divy is not delivered, then this also seems to mandate some form of upfront payment from the PHES.

Any new exploration will likely be funded by a raising which we can choose to be part of or not. Likely the the Kanmantoo surrounds where we already have some good assay results will be the cheapest way to bolster output from Nugent.

All sounds not too bad, does it not?