From the year statement ‘Under the terms of the purchase agreement of the Oracle Ridge Copper Mine in Arizona in the United States of America, Wedgetail Operations LLC, a subsidiary in which the Company now holds a 100% interest, entered into a USi$6,423,000 secured loan with Vincere Resource Holdings LLC. The loan is secured over all of the assets of Wedgetail Operations LLC, has a ten-year term and accrues interest at 3.15% per annum for the first five years with no interest accruing thereafter’.
They do put it in the presentations, but it’s never talked about.
Happy to be challenged on this if I am wrong.
That liability right now is worry for a company this size. I’m actually more annoyed by the CEO salary raising from 2020 when he started. ‘Mr Mason initially received a base salary inclusive of statutory superannuation of $300,000 per annum which is subject to annual review and is currently $399,500 per annum inclusive of superannuation effective from 1 January 2023.’…. And that is the base and doesn’t include the other incentives which relate to about $150,000 worth of shares etc….. Not right for a company like this at all.
A deeper dive would have saved me some coin on the one.
EM2 Price at posting:
6.0¢ Sentiment: Sell Disclosure: Not Held
