Originally posted by Mentalist123:
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Does anyone know if GAM is going or not.What ever happen to Dan Mundy the golden-Mile mine manager who used to give running updates onhow great things were goingon LinkedIn.Must have run out of waste to mine? ( not funny)What about an update on LinkedIn Mr Mundy?Seems no one else giving us one.I thought we would be processing flat-out and getting as much gold as possible even if has some copper with it.What happens if we can pay the $4.25m and I’m the $850k interest?The MD said in a recent statement. “ basically due to the massive dilution of waste to ore-ratio we are assessing whether we going to process any more stockpiled ore.Then followed by:nothing except “we can’t finalise our half year financials! “ my metallurgist friend who is a full bottle On ASX companies says, “One reason for not lodging half year finances, may be . the company has been trading whilst insolvent and the six monthly financials will expose the directors to fulfil all losses. The half year financials are very simple to produce. Cash at start Expenditures Outstanding creditors Cash at end 6 month period If the cash on hand at the end of the 6 months period ending 31st December 2022 is negative then it’s curtains closed.However he said “ with the $4.25m lifeline at 79% pa interest rate,($5,100,000) due to be repaid around 15th May(6 weeks away)and the GAM plant seemingly non functional, we need a$20m lifeline. We have to settle in the Lorena plant. in September we paid $7.1m for as well. If the stockpiled ore at GAM plant can’t be processed because of more waste than ore. What then is the $10 question.!!!!
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Hi Mental,Loan is due to be rapiad 24th April, so only 3 weeks.
