Ann: Company & Phase 3 Expansion Update & App 3Z, page-27

With Cedric gone (thank goodness), a professional team in place for design and for installation and for commissioning, and funding lined up to achieve this - this has much more chance of hitting 40c over the next year or two, than it did with the previous status quo.

Cedric (and perhaps his enabler, Jock), clearly were repeat offenders in neglecting shareholder communications; in continually over promising and under delivering; and in raising more questions than providing answers in almost every attempt to “communicate”. The resultant impact on investor sentiment is obvious to even Blind Freddy. It will take time, and more importantly, delivered outcomes (ie high grade ore production and sales on a consistent basis) to reverse this sentiment. Removal of the Cedric ‘blockage’ is an excellent first step, IMO. The potential in India in general, and in AP in particular is far to great to keep squandering.

Of course, the price we shareholders are paying for the squandered time so far, and in the cost of the solution, is high. But far lower, in my opinion than the cost (including opportunity cost) of maintaining the status quo.

I am happy for the saved performance bonus that would have gone to Cedric for doing half his already remunerated job will now go towards subsidizing the cost premium implied in the FS rescue package.

A lot is still to be proven for me, but I am significantly more optimistic this morning. All IMO & GLTA.