Ann: 31 December 2023 Annual Report, page-2

As someone that believes in the company, this is quite ugly.

- Revenue down 75.98% from 106,180,000 last FY to 47,712,000 this FY.
- Cost of sales falls by only 24.65%
- Administrative costs have risen by 15.82%

- Total loss before income has accelerated by nearly 300% from 26.402,000 last FY to 70,058 this FY.

- Total loss after income has almost tripled from 26,845,000 last FY to 85,280,000 this FY.

Final accounts show a total loss all accounted for at 89,182,000 current financial year vs 33,862 previous FY - and EPS standing at (13.02c) vs (4.95c) FY 22.

When we look at current liabilities, an eyesore is the CURRENT liability of 279,922,000 in the borrowings column in a high interest rate environment on a low margin business.
This is partially offset by a 151,000,000 increase in property, plant and equipment (I assume this is Vadalia plant for the most part as a separate line accomodates mining assets for Balama).

Liabilities have almost tripled this past FY, whilst assets have fallen by 19.3%