Ann: Trading Halt, page-66

There hasn't been any price action the last few weeks. SFA volume. Noones been buying so the price has dropped but you can't build a t20 position at this price, some might have added to them but there aren't real sellers at 30c. A few traders, a few kids who bought on some sort of TA wizardry. Noone with pockets, a head on their shoulders or any inside knowledge has sold a share.

We knew this was coming the minute the base metals circuit was announced. Time and money on top of what was always going to be touch and go.

Did anyone think we would be at 30c in January and we should have raised more on what was already a dip to 50c? That would have been a poor decision at the time with all information to hand. You judge these decisions by the process followed, not the outcome.

Textbook cash management is raising small amounts of money to progress the project and let value grow with results plus time discount fall and reflect in SP. It's been aggressively moved through exploration and study phases and in the final months before an investment decision.

With hindsight, accepting a larger raise at 50c might have meant several million fewer SOI. It would have been a poor, lucky decision.

Would it have been nice to see the resource upgrade first? Perhaps... but it's been well telegraphed and broadly understood already by the market. SP would have risen marginally... but the pending cap raise would have squashed gains. The right decision was made here, we needed the funds and we followed a well worn path of development funding without any surprises.

Is it $14.5m we've expended to get to FID on what we expect to be a $1.5b project? I judge the cumulative decisions of management on this, not uncontrollable and inconsequential things like the day to day share price.

There will be a volume spike with this news (who, not how much is the key). The next news, the resource upgrade there will be a price spike.

Your call as to which side of the volume you'll be on Monday. A few sellers might actually give us a chance to pick up a decent parcel or two. Best case scenario and we have management participation and the sellers will stay hidden up there in those hills.