Ann: Half Yearly Financial Statements to 31 December 2019, page-2

Ugly reading there, but at least no attempt to gild the lilly. Will be interesting to see what the Entec Mineral Consultants come back with in their review of operations.

As far as I can tell - they have had some annoying but not fatal technical challenges from availability of Pybar underground mining equipment and some issues retreating tailings. The rest of the mining operation and mill look to be settling down to be performing as designed. Decent grade stoping ore can't come soon enough for these guys, at the moment they are living hand to mouth on dodgy grade development ore and tailings retreatment.

Lack of cash flow and funds to see them through the start-up phase is the main danger here, any minor/trivial "stumbles" or issues can potentially be fatal if the cash reserves are on the skinny side.

Metal prices not helping at the moment, but at least the AUD and price of oil is helping them. Looks like an episode of The Hunger Games at the moment with base metal miners, just have to stay alive long enough for a few peers/competitors to go out of business and the pressure will be off.

Keeping on the watchlist.