Ann: Activity Report for Quarter Ended 30 September 2019, page-6

The cash generation was good with $16m generated. If they could continue that in the December and March quarters we end up with $23m in cash (excl PHES and Div) and all liabilities extinguished.

The breakeven / loss in accounting profit / loss as expected given the low grade being processed and the capitalised costs. As others have noted the lifetime performance of the mine has been very poor.

The downgrade of the inventory is very frustrating. I am with MWilson on this one - there never seems to be a surprise on the upside on any prediction by HGO whether in grades, production, budgets or timetables - always negative. The concern going forward is how accurate they will be when making the ug and other future mining decisions.

I am curious about the PHES negotiations on time to mine. Surely HGO knew there was a reasonable chance that they would want to do this when they were negotiating this so you would think this would have been incorporated into the agreement originally.

The comment on the funding is vaguely positive with emphasis on the vague. Even a ballpark estimate of how much we are talking about would be helpful.