An interesting breakdown of December 2023 Assets there Rob,
I assume that most of the $5.8M of Current Assets held in Oz are those VMM shares against which there were liabilities of $1.4M and that Belfast had $1.5M in cash against $0.6M of liabilities, while Uganda only shows non-current assets of $23M development on its books and NO current assets available for future creditors to claim against!
Begs the question, Why the disproportionate spread of current assets vs liabilities in Australia when all of the Companies operations are overseas? Could this be to ensure that the Directors can continue to draw their salaries and not run the risk somebody lodging a Section 459P?
As I see it the Makuuta FS is going to be critical, as a large percentage of IXR's worth is tied up in that $23M sunk (literally) cost. If the FS does not show Makuuta to be a profitable enterprise, then the Market will certainly strike that $23M off your MC, leaving just $15M between 5B shares, which would put the SP down around $0.003 !!!
IXR Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
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