Ann: Hastings Organisational Restructure, page-16

With current cash position the share price is a joke and basically values the company, including all capex spent (~$150m), resource and current cash (~$45m) on hand at next to nothing.

Heavily shorted could be the main factor.
Shorts made easy by overhanging loan repayment to Twiggy/Wyloo due in Oct2025, blown out Stage 1 capex, poor project feasibility with current RE prices, major shareholder L1 Capital offloading their shares & likely shorting on the way down.

Current RE prices and feasibility => unlikely to secure further project funding at present. Gov loans from NAIF and EFA not yet received and no update from management regarding criteria or timeline to receive these loans.

HAS also has a higher cash burn than other small cap RE hopefuls due to big management team and a worker camp site that is not being used as they have paused mine development due to lack of funding.

I think HAS presents a unique opportunity at current prices, particularly if RE prices turn around - which is forecasted.

Hopefully the shorting ends after the EOFY/tax selling.