Ann: Change of Director's Interest Notice, page-12

Just to clarify. As of right now, debt should be around USD 15,4 Mio.
That consists of USD 3 Mio. ALCIP loan, USD 5,2 Mio. Redeemable Preference Shares, USD 5,2 Mio Ban Reservas Loan (after January payment) and USD 2 Mio. Shareholder loans.

With the current operating cash surplus of approx. USD 7 Mio. / quarter, they should be able to smoothly pay back the debt over that 18 months period.

At current gold prices, the project will net them approx. USD 40 Mio. over that 18 months period. Let's assume a plant salvage value of USD 5 Mio. and that should leave them with USD 45 Mio.

Deducting the debt (USD 15,4Mio), corporate overheads of USD 5 Mio. over that time period and deducting interest of USD 1,5 Mio. should leave them with USD 23,1 Mio. net cash flow. The current market cap in USD would be USD 3,7 Mio, so that cashflow is still multiples of the current share price. If the POG rises to 1410, you can add another USD 5-7 Mio. to the bottom line.

If they can arrange a deal for a new plant, we will be talking about blue sky.

Good risk/reward play at these levels in my opinion.

Cheers