Ann: JORC Code Upgrade at Wilcherry Hill , page-19

Paul,

I am frustrated as well with the changes in time lines.

Maybe the did get a bit excited earlier in the year and were hoping all will fall into place sooner.

The mining tax didn't help either, as the chinese investors and suppliers lost confidence. How do you do a DFS when you don't know the tax rules being played.

These projects can be so boring for investors as they move towards production. However all the dealings with governments, ports and other suppliers, customers plus doing the technical side including planning of the mine ,can change constantly which can delay outcomes.

I am not giving excuses for the company, however when all of the above issues are finally completed, then announcements will start rolling out constantly, and the next thing you know it will be November and the price will be re-rated by double and 95c will look like the bargain of the year.