Ann: FY19 gold production and Atlantic Gold acquisition update, page-21

The $110m cash is 100% SBM before the acquisition completes.

The $80m net debt is for Atlantic at end March. Since then, they will have reduced debt and retained more cash. Therefore, I suspect the net debt for Atlantic at end June is a bit lower at say $60m.

When you roll that into SBM at deal completion, our group net cash will be circa $50m at end June. That’s a decent swing from the proforma $6m net cash when the deal was announced. With our very strong cash generation and much higher gold, we’ll see the net cash grow very fast with debt reducing steadily (assuming they keep it open and funded exclusively from Moose River - not from Gwalia or Simberi ops).

Hard to argue that this is a weak balance sheet.