Wow, this train wreck just keeps getting worse. I guess that tells us why they have had so much trouble meeting production promises. Remember, as late as oct2021 they were still promising full production by end CY2021. And here we are. Unbelievable. I can't help but wonder if their lack of communication on production problems doesn't contravene the Corporations Act/ASX rules.
Current assets are $7.6M and liabilities are $24.5M. The latest financial statements come with a "going concern" warning. Are these guys going to make it? At a $0.04 share price, it seems to me the market is saying "no". I hope I'm wrong, but how are they going to refinance $20M of debt in the next year?
The balance sheet is still positive mostly due to a $28.4M "Mine development expenditure" "asset". Can't pay the bills with those sunk costs.
Ann: Appendix 4D and Half Year Accounts, page-11
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