Who was it who told us that Steve had told them that the board...

Who was it who told us that Steve had told them that the board were insisting that the majority of the cash was to be distributed? 

Personally I hope its true and they follow through maybe after releasing a small amount to keep Nugent progressing so we at least have a fighting chance of feeding the plant continuously for the near future. Plan A for providing the necessary cash for Nugent is  I imagine a DRIP  option attached to the dividend stream.

It's certainly good discipline not to let management fritter the cash away going down blind alleys. Great discipline in fact for them to have to demonstrate an attractive enough investment case to raise the cap-ex necessary from willing investors.

I, like you, would love to see some numbers on potential revenue and costs for a UG mine.

 Whilst I imagine ball park valuations are in play to determine whether the PHES is the best option, having numbers backed by the necessary processes that make them certain enough to satisfy the disclosure rules is a different kettle of fish.

The days of releasing information Poisoiden fashion are thankfully behind us, thanks to that episode.

I'm no expert but the process seems to be.
* Identify an exploration target which we have done.
* explore the target and define a JORC compliant resource which along with the following steps is yet to be done.
* based on the resource information prepare a PFS.
* if the PFS indicates that it seems possible to extract the resources at an acceptable IRR.
* proceed to DFS which I understand is the process that converts a Resource into an economically extractable Reserve.
* once there is enough certainty that we have a Reserve raise the necessary capital and start digging.

A long and torturous process that necessarily keeps us in the dark but does protect us to an acceptable degree from being mislead.

Constructing the PHES might even deliver a bit of ore.

Looks like Supervised investments got 5m away today. Lets hope its a bit of new blood on the buy side.