Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

Hmm so it says we are worth 11.6m, not counting the 40% of PMC's 44.6m in gold and cash we can lay claim to. (Whether or not we will ever see that is anyone's guess)

$29.4m all up.

At the end of June 2022, we claimed to have 73m in cash and 44.5m in inventory.

There is that agreement from a month or two ago to pay back the loan that PMC owes x64 and that is in the tens of millions of dollars. For sure, some of that is coming out of the kitty to which we have the 40% claim but at least 60% of it isn't so the debtors column might be due for a spike.

No doubt the 156m in PP&E is about to take a hit but then that was 2/3 deprecated anyway so I guess what you lose on the swing you gain on the roundabout to an extent.

Either way, quite a haircut.

What could stop it going sub 10c is that it was already running a P/B of 0.44. The company could lose 80% of its assets in this restructure and still only be priced at 2:1 with, if they could be trusted in any way, shape or form, bright prospects for profit. The AISC is high by industry standards but is still comfortably below the spot price and the debt load is miniscule.

I don't like it. Really wish my money was somewhere else the last year or so. But it isn't over yet.