Since last capital raising in 2016, relative to market cap, net debt has mostly stayed constant, while the smarts mine was being depleted.
What's happened?
"Unfortunately, the year could only be described as very challenging for the Company and very disappointing for shareholders. In December 2016, a wall failure in Smarts Stage 3 pit interrupted a strong phase of improvement across all aspects of the Karouni mine, restricting access to one of the higher-grade sections of the mine. Whilst remediation work was being undertaken, mining was primarily focussed on Smarts 1 and Smarts 4 plus the Hicks ore bodies, which had higher stripping ratios and lower ore grade. Operations at Karouni were also hampered during December 2016 and January 2017 by a failure of the secondary cone crusher, significantly impacting mill throughput for several weeks, as well as the requirement for major services of mining trucks in the mining fleet and undertake a re-build of one of our six power generators."
There was also exploration - $10-15M.
TRY Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
