Ann: Trading Halt, page-8

Whatever the way forward - restructure or recapitalisation, hopefully it doesn't come at the cost of another capital wipe out for shareholders.

I would expect it's going to come down to our major shareholders and what they want.

Not many options currently exist with Lulo (to divest etc) given the MIC is not yet formalised and alluvial licence not yet renewed. They can't walk away from Lulo, surely.

Potentially they could divest Merlin (or part of it), give them some cash to keep going at Lulo.