Wow. So.... Original plan from the IPO last year was to pay back all the $14M USD by 5 April 2021 using the gold from mount boppy (supposedly 12 month ore supply).
They've paid back $4M USD of that and are a month away from the 12 month window for gold processing. In the meantime they've raised an additional $7M AUD.
They have now agreed to pay back $2.5MUSD a month starting next month. Meanwhile the half year report shows they made on average $3.4M AUD a month in gold, but had OPEX costs per month averaging $3.4M. So how are they going to pay back this debt?!
The report seems to be up front about what they've found and hyping the potential for deep sulphides.....but oh dear. A 23% increase in ounces is mentioned...meantime we've had a 20% depreciation in gold price in AUD the last few months.
This makes for hard reading
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