Ann: Bankable Feasibility Study Update, page-21

Thanks Nords, that helped me understand. So the project itself wasn't viable due to grade, not that the project wasn't viable because the processioning plant had issues with the grade (which is how I thought it came across in the video - which I heard wrong).

Bogan - you still hanging out in BLK land I see....you love living on the edge.

DF

NAV.,

At the time was the lowest margin miner in Aus. Or that close it didn't matter. Gold was sitting precariously at $1,600 and above. As such Bronzwing couldn't hold its own. Many, myself included were betting on a breakout back to and beyond the $1,890 high. But even a Hundred Dollars to the upside would have done the trick. I backed it all the way.

NAV had "secured" offshore debt (Canada) that was not friendly. They were unable to refinance, hence they were in trouble.

Their Plant, especially their fleet was unreliable to say the least. Eventually it all fell into the too hard basket.

I booked a loss exceeding $400k on it. To this day it remains my largest ever trading loss.

That being said. Though marginal, it was workable. The dynamics are much better now. Primarily the extensive truckable shallow resource defined, and being defined in the district makes this irresistible.

It's a Buy every way you look at it in my opinion.