Ann: Quarterly Activities Report - September 2023, page-11

One swallow does not make it summer yet, but I noticed that another peer called A1M also had a bit of a turnaround in their quarterly results recently so there might be a bit of a change of management story going on, as well as improved AUD metal prices and possibly some mining/milling/construction and consumables costs coming down?

Note that AIS haven't released their quarterly yet but if that improves then it might be more of a macro story as AIS management hasn't had a lot of management change yet and is really struggling with the same issues as other underground base metal and gold miners.

These guys look like they are doing more hedging with Macquarie for Au and Pb and Zn, another bunch of miners who think that they can outsmart the Macquarie hedge team. They are hedging the end of Au production from Dargues, so will be giving away all the upside if the AUD price of gold moonshots in the next 3-6 months. Good luck....

On a positive note - development at Federation full steam ahead, although at the expensive capital spending stage of UG development, and once Dargues is mined out and closed looks like some extra equipment and maybe personnel (possibly?) coming back to the Cobar area mines so that might help them a bit.