Ann: Quarterly Activities Report, page-276

Ok, so we have a lot more clarity on forward guidance for FY25 and FY26 which is nice.



As you postulated, production is slowly going to increase quarter on quarter (the June Q produced 17.3k which clearly received a sugar hit from the high grade section of Rosewell the had ready to go), though.. I am hopeful that ALK are being ultra conservative after their first miss on guidance last FY.

What I would have liked though... is further detail on the capex spend, as in... we know they are focused on the Paste plant and recovery upgrade, which from memory have $28m to do, with mot of that logically to occur between now and perhaps November.

All the highway stuff... Nic has said, is not going to happen until FID, which is early 2025, so.... from the $75-80m in growth capital, perhaps $30m is for the first half of FY25, with the larger part for the second half. This is important, as ALK still needs more liquidity. I know Nic has gone on about borrowing another $60m but.... if I can be blunt, I just don't think they should. Look what they did to get the first $50m debt facility. Arg.....

This slide seems to imply..... that 'ore sources' are... not really up for discussion in the near term, but.... how can that be, when they have not made FID... for the highway move etc.... Sorry Nic, but.... considering the presentation is short and sweet, anything in it needs to be super clear.



I am pleased to see that the two Caloma pit resources are still being extended, but... damn would I like some real clarity on just what their potential is.

I keep oscillating between wanting to buy even more ALK (I have enough really) and being content with what I have. Hopefully Roswell outperforms in both grade and tonnes and all of my concerns will be muted.

That all being said... I just don't understand why the other mid tier producers with little growth options are not taking ALK out.
I really... just don't understand their decision making processes at all anymore.