Ann: Strong progress made at Montepuez Graphite Project, page-8

Simple answer - these things cost money. 9mths ago things were falling into place with relative ease and our biggest concern was the mining approvals. The options looked like a done deal and when that didn't work RCF came along and that too looked good enough. Keep in mind that although the dollar values required are significant, the payback period is such that I can understand why complacency would have set in. Board is right to be criticised though given it's their job to cover all angles and not be complacent.