Seems a lot of conjecture to go on here without a lot of fact....

Seems a lot of conjecture to go on here without a lot of fact. Not saying I'm happy either, but given the confusion this is from Jon as of last week....

Mill campaign 1 in Jan came in very close to plan, mill campaign 2 ended in March and grade reconciliation was poor. The third party toll milling agreement in its current form has been terminated. We will suspend small projects until cash flow comes in from Norton. This and the post Norton mining and heap leach will now be the primary focus with no distraction. Cash will be conserved wherever possible.

The Norton deal is very close to completion, the project a very good one with considerable cash flow to Phoenix. The HL delivers great economics, long life and is more important now given we need to mine these large deposits in bulk rather than attempt to cherry pick the high grades as this has proven difficult.

We have great assets and a number of initiatives along with Norton JV and HL to realise value.

Disappointing result from Kintore so far and we aim to do our very best for the completion of mining in April and milling in late May. We hope to be signing the agreement shortly with NGF and pushing ahead with HL financing.