Ann: Citadel's March Quarterly Activities Rep, page-4

re: Ann: Citadel's March Quarterly Activi... I still rate this a sell, even though parts of this quarterly are cleverly disguising the truth.

Fact is engineering is being shut down until license comes through which will cause significant delays once the demob is complete.

I note the following in the report...

The management and engineering team is assessing what the impact of the delay in the mining licence will have to the project execution schedule and commissioning date. The engineering work continued through the quarter which will help mitigate delays however, site works were scheduled to commence in late February and these works along with construction engineering have been postponed pending the receipt of the mining licence.

As well as ..Most of the early engineering major packages will be closed out during the quarter including those for crushers, grinding mills, flotation cells and thickeners.

Therefore given that early engineering is finishing and construction engineering is not starting then things are coming to a halt fast!