Ann: Annual Report to shareholders, page-2

I guess this report answers my email inquiry in some way as I still haven't received a reply -

"Dear Shareholder,
The year to 30 June 2023, and especially the second half of that 12-month period, has been a challenging one for Ironbark Zinc and its shareholders. After a very productive 18 months up to the obtaining in late 2022 of a conditional offer from US EXIM Bank of debt finance for the development of Citronen, we have found ourselves somewhat becalmed of late by comparison. This has negatively impacted the share price and at times tested the patience of shareholders. In reply I would like to both thank you for your patience and make a renewed case for optimism.

The Zinc price is unlikely to fall a further 55% in the next 12 months, indeed we have seen a modest rally from the lows of May 2022, and we have seen a stabilisation of the IBG share price in recent months. With Citronen we have retained 100% ownership of what remains one of the world’s most advanced large greenfield Zinc projects and the Board remains confident its inherent value will be recognised when market conditions are more favourable.
Deposits of that size simply don’t come along very often, and the work Ironbark has completed in its long tenure as project owner – granted mining licence, completed DFS, offtakes 70% pre-sold to global majors Glencore & Trafigura and of course the ongoing support of US EXIM Bank – underpins the Board’s confidence in the Project.

Notwithstanding that, the scale of Citronen is formidable for a Company of Ironbark’s size and further validation of the quality of the opportunity will come when IBG concludes a Joint Venture agreement focused on ensuring meaningful new investment is brought into the Project. We are working hard to turn that concept into reality and in the meantime are working with EXIM on updating our Stakeholder Engagement program in Greenland; new work is scheduled to take place later in 2023.

The Board has also committed considerable resources to new business opportunities in 2023 as we look to diversify our geographic and commodity risk. The focus on new business has been on base, battery & critical minerals in mature mining jurisdictions; this will greatly enhance our ability to grow the business on a consistent, year-round basis and improve the Company’s overall perceived investment risk.

Finally, I would like to thank my fellow Directors for their patience and counsel over the last twelve months, as well as Ironbark’s staff around the world for their immense and ongoing dedication to the business. Citronen has been a very long-term endeavour for many of them and they are deeply committed to seeing the business, and everyone associated with it, succeed. On that note I wish everyone connected with Ironbark the very best for the 12 months ahead."

See how we go in the months ahead - good luck folks!.
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