Ann: Quarterly Activities Report for period ended 31 March 2017, page-11

A damn disgrace. Note the change of language here that the old MD and Chairman should be held to account for.

For ever they have banged on about being world leading, giant reserves and all this project development work. Even new MD announcement - only a little over a month ago - and the Chairman was still saying "....to culminate in the completion of the project Feasibility Study which is at an advanced stage."

Now we find out this is only a "PRE" FS, oh and it might be delivered "second half"! What in hell has been going on in the joint.

Sevo & pkn you guys have spun this positive for all and sundry about how good management is and leadership and industry knowledge and this and that, yet what now? They couldn't even get their project language clear enough to advise the market where they stood. Or maybe that was on purpose!

Chairman and Ruane should be kicked out of the joint immediately.

Oh and IMO they will definitely need more cash and that might be only to deliver their PRE, yes let me try and take that in "PRE", Feas Study!

Appalling. Just appalling.