all over, page-48

RRM

I don't believe that operating costs per se were wrong.

I suspect that they have been hit with a similar problem Matrix metals had ie proforma invoicing with Glencore , then once shipped price had dropped , resulting in CUO having to pay back this amount - although some 2/3 of their production was hedged.

they would have budgetted on this revenue to fund part of capex expansion / prestrip of lady annie pit . As that cash was not there , they needed funding which unfortunately has fallen through.

The profit and loss statement would most likely show a profit, however profit does not pay the bills, cash does.

What I cannot understand is why they did not seek to close out the hedge book ( even just additional expansion amount taken on was about $15m in the money ) to get them over this cash flow squeeze.

Disappointed that AGM has been cancelled - We need to understand what has transpired here & what ultimate recovery will be.

Baraka