Ann: CORPORATE UPDATE AND FY24 GUIDANCE, page-35

I suppose my natural reaction to all this is to sell in the morning open at a very heavy loss. But, the optimist in me sees once Jaguar is on C&M, The rest of the company is not in too bad a shape. So one asks themselves at what point are the sum of parts worth more than the current market cap remembering AIS market cap currently at only ~$186m and still has $29.5m in cash & equivalents and no drawn debt (not for much longer).

Our financial woes have come about not by Cracow, Tritton and North Qld as they can just about break even or perhaps run at a small profit at current metal prices.
Our problems have come about by the mismanagement of existing capital. Jaguar has been a disaster and should have been put on C&M far sooner without having the need to borrow money to do it. Far too much spent on Stockman for the length of time it is away from coming online, far too much spent on future exploration when our current reserves were enough to get us through the storm whilst preserving cash. Andre has been thinking "too big picture" and allocated far too much capital to future projects and left us in the shit for the here and now.

The pessimist in me realises that Andre has compounded our problems with this horrendous debt facility. This is a debt trap which has set AIS up for failure. Unless we see a massive spike in commodity prices and Andre somehow manages to keep costs under control, AIS will likely default on this loan. The terms are beyond onerous and the fact that Andre has agreed to them is disturbing. I would have much rather have obtained $50m via a heavily discounted and highly dilutive placement rather than this awful deal Andre has signed us up to.

Im undecided weather to hold or sell but i couldn't imagine anyone would have an appetite to buy into this mess at any price which may mean a very ugly day today. All in my opinion of course.