Ann: September 2021 Quarterly Activities and Cashflow Reports, page-34

If you remove the proceeds from the sale of the Mt Ida project in the last quarter, because they are not going to be able to sell an $11 million dollar project every quarter, then they lost over $8 million for the quarter.

Quite clearly, this is not sustainable. At this rate they have enough funds to survive just over 3 quarters, then they will need a huge capital raise, or some other finance to survive.

It would seem that for the directors here, the time now is to stop tinkering at the edges, and get involved in a far more radical plan for longer term survival, and to profitability.

What often happens over time with these types of projects, is that the directors let things run down because they are so involved and can't step back and take more radical required actions. So it eventually goes into administration and then an innovative lateral thinking group has a look at it and works out some way of making the project work.

It's trajectory from 35c to 8c, and it's quarterly loss making operation of around $8m a quarter doesn't instill much confidence going forward unfortunately.

Gw