research note 29/4/22, page-3

Interesting report Mike.
I haven't seen the $8.9m figure required to complete the capex at Mt Freda.
It is a fair swag of cash, or about 150m shares at today's closing price.
It would have been helpful if this was discussed further at the AGM.
I don't believe this company could get traditional financing and
forward sales of gold would be impossible without any reserve figures.
Maybe the board could put their houses and beemers up as collateral.
Now that would really project some confidence in this outfit.