HRZ Management and Future

Frustrated by this and previous management, i am now going to call them out on some of their decisions they have made which has put the company in the position its finds itself in today.

They have made claims they are going to get into production now for years and i really dont think we are any closer and i will really be surprised the latest announcement "Pathway to production" comes true. They say they have done work and are permitted and ready to go however they are waiting on a partner. They can not go it alone. While there is an arguement its good to partner up and share the risk it also creates issues. The biggest one is the cost. No one is going to partner with them unless they are going to get a huge slice. HRZ should be in the position of having to do this.

In November 22 they entered into con note which matures in 30 months from issuement - thats mid 2025. Usure exactly how this works however if the lender does not wiss to convert the loan into shares it will have to be paid back. According the half yearly it stands at just under AUD $7M.

What HRZ management have kept very quiet is the following-Interest and costs on this facility. Reading the half yearly in the 6 months to Dec23 interest paid was $377K. Yes thats for 6 months! Then going back to the Annual report put out in Sept 23 Interest and finance charges AUD $689,861. So the costs to date in charges and interest on this facility to Dec 23 is a bit under $1.1M. That for 13 months. That is just ludicrous and outright reckless! The worst part is it was a facility to get into production and 14odd months on and nothing!

Between organising a takeover of a near broke junior they have been chasing lithium tenements and who knows what else when the main job at hand is just crawling along at snails pace while we are paying a fortune in interest.

It just beggers belief!

Another thing is that they love to hold dozens and dozens of leases which is great IF you can afford it. Their minimum expenditure on their current tenement is around $2m per annum. They can not afford this!

They had approx $5.5 in the bank at the end of Dec 23 it will be interesting to see what they have burned through in the March quarter. They have shares in a few listed companies that should be coming out of escrow soon and later this year . Vox soon i think which should saleable however when RVT is out of escrow is the approx 20% they have saleable? From what i have seen its quite an illiquid stock. JP that heading that one up. Nothing more needs to be said there!

Burning alot of cash with no income. $7M con note hanging over their head with seemingly around $1m a year in interest. What if they dont convert? in 15 odd month we will need to have $7M to pay them back. Are the RVT shares saleable? Will they get a mining partner willing to fund development?

We deserve better than this.
I