@Cpago55 and @FGB hopefully you can find some clarity in my recent post:
https://hotcopper.com.au/threads/fundamentals-near-term-cashflow.8576958/
Short answer: Gold mining is what is going to grow the company exponentially in the next 1 to 2 years as they become a mid-cap producer, this has been the stated strategy since the start of 2024. It will be much harder to unlock value from their other non-gold assets at this point in time - once they are printing money with the Black Swan mill I am sure they will recycle capital into these other great resources e.g. Nimbus.
Regarding the Phillips Find JV, I agree, there should be more clarity on the net cashflow to HRZ. I suspect this will come out in the next quarterly, but for now I would take comfort in the fact that the pitiful 0.2 Mt of ore being mined and processed as part of this JV is a fraction of that coming from Boorara; and it is less than 1/3 of the total Phillips Find resource. So it really isn't that important.
Edit: I will also provide an update of my analysis in the other thread.
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