Ann: Half Yearly Report and Accounts , page-2

Much as expected I think. Net assets $9.5mil. Net tangible assets per share 8.15 cents down from 9.97 cents last year.
$5.9mil cash in the bank. Cash per share is slightly more than the curren sp. That's not too bad.

Lefroy a failure as not making a profit. Pinafore deposit not viable and written off.

Negotiations coninuing re sale of Vic Copper assets, bids in now, so expect some information before too long. How much are these worth? I guess we'll know soon. it might lift the sp a little when the sale goes through.

Possibly get some money back from Tas Gov't for overpaid royalties. The new joint ventures might be reasonably profitable for the company but that remains to be seen. Similarly Middle Arm tailings processing - costs of processing not yet known for sure but hopefully some profit init.

Quite a lot of write offs this half year. You would expect that the bulk of write offs is now over so hopefully a bit better result in the next year.

I guess the despondent selling that's been going on is that there are no super bright stars shining, it's just keep it steady and hope some of the plans they have in train generate some profit.