Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-93

"Have to ask the question why this project can't be expedited."

Because management have a track record of being slow movers.

Take AJM as an example. I only quote this example because I held through the mining life cycle from explorer to producer.

It seems they were working on their permitting submissions whilst simultaneously working on the DFS. AJM submitted before announcing the DFS (by a couple of weeks). The result being everything was approved within 5 months of the DFS.

Now compare that to AVL's indicative time frame?

If ever there was a year for a V company to ramp up productivity. it was this one. And yet, we had a 6 month delay in the PFS. Why?

I do not just lay the blame at Vince. Apparently Les Ingraham is an Executive Director. So what is it that Les actually does for his $200k pa? The non-executive Directors get about $60k by comparison.