valuation & advice to the board, page-3

If you actually met with the TAM management team you would probably not be as critical. They are all genuinely focused on shareholder value and take all of the issues and problems very personally. The board have let them down - probably root caused in it not being independent. The Chairman should carry the responsibility for that.

The exploration team at TAM are very solid but I do agree you need someone to "sell the story" and Darren Holden is a standout for that. If you gave the whole thing to Mark Creasy it would fly into orbit.

Not sure what management on the operations side will be left after the move to care and maintenance. Being a smaller operation, I don't see the need for the interim CEO or mine manager. The current GM could run it - he has operations and exploration experience/competency and presents well.

The current exploration team are very well lead and highly motivated. They just need a budget and a chance to shine. Fingers crossed the board will make the right decisions and ruthlessly move the business to an exploration focus .