Ann: Change of Director's Interest Notice x 3, page-13

Thanks for your response Esh., your time and effort posting on these forums are always appreciated.
All good points but it’s really unfair imo to compare what’s happened with WAF to DCN. You surely agree that a deposit like M1, discovered in Australia, and you’d be off to the races. Look what happened in the Pilbara late 2017. Money was thrown at those Companies (with unconventional/unproven deposits) like never before. M1 was also discovered late so required a change of direction and further rounds of funding.

I think (and agree with you) we were truly entitled to believe that the Capital Raise portion of the Financing package would have been an improvement on the previous CR at 32c and there was likely no need to issue nearly as much as they did. The deep drilling was a success and Richard Hyde had painted a picture of 14 Financiers all tearing at the bit to fund this project. In the aftermath of Financing, the image I get in my head is that the Financiers held all the strength. Timing proved horrible, sovereign risk was escalating by the day, and the World’s stock markets had come in for considerable volatility. If Management had your stubbornness and strength of character maybe they could have held off and come back to the Banksters now for a much improved circumstance (particularly POG). This, however, would have decimated the SP short term and my personal feeling is that Management have had enough, maybe ran out of patience waiting for a fair offer, and decided to give up some bags for the sake of progress.

In the end, no one has a crystal ball. When we invest in a Company we entrust the Management of that Company to operate in our interests but the choices made aren’t always so clear cut. There is no one right path to take, just a series of probabilistic assessments of the future which shape the decisions made. I note here, some of the other highly experienced posters and hearts suggested the Financing package was by no means a failure given where we are operating and the quantum of funds raised relative to our market cap.

Through it all, I feel Management has done a strong job proving up the resource and promoting the Company.

Respect.