Bullseye Mining Annual Report to 30 June 2022- It seems EMR did...

Bullseye Mining Annual Report to 30 June 2022- It seems EMR did BE a favour taking them over! The amount of cleaning up required seems like it will be well worth it, but deary me, you've got director loans, a JV, legal battles, shares in lieu of payment...

From page 1 & 2 (3&4 of 88 of the .pdf) "The latest large-scale drilling programme, together with future exploration and developmentactivities, ongoing feasibility works and ultimately mine development, will be funded via plannedongoing pro-rata Entitlement Offers to Bullseye shareholders, as required. Bullseye’s largestshareholder, Emerald, has indicated their intention to take up their entitlements to fund thedevelopment of Bullseye and I encourage all Bullseye shareholders to participate.

In that regard, Bullseye intends to issue a prospectus shortly to undertake its first pro-rata non-renounceable Entitlement Offer to raise approximately $6 million, at an issue price of $0.29 per share."

From page 15 (17 of 88 of the .pdf) "Upon Emerald assuming control of Bullseye, the overall development strategy of Bullseye was reviewed,particularly in light of Emerald’s strong and demonstrated track record of larger scale, stand-alone minedevelopment. Bullseye, in conjunction with Emerald’s experienced development and geological teamformulated a large-scale drilling program for the NLGP, with a view to ultimately developing the NLGP as astand-alone mine, with its own processing plant.

From page 19 (21 of 88 of the .pdf)
"Short-Term Working Capital Loan
In order to ensure Bullseye meets its working capital requirements (including ongoing drilling anddevelopment), until completion of the entitlements issue detailed above, Emerald has provided a short-termworking capital loan facility to Bullseye. The loan facility is for up to $3 million and can be drawn down byBullseye, as required. The loan facility is unsecured, non-convertible and carries an interest rate of 12% perannum, to be capitalised and repaid on repayment. The loan facility will be repaid in full upon completion ofthe outlined entitlements issue.

Working Capital Loans to Blue Cap Bullseye Joint Venture
As of October 2022, the outstanding loan amount (including interest) repayable to BCE was $2.1m. On4 October 2022 Bullseye repaid an amount of $838,000 in relation to the BCE loan, with the balance to berepaid in full in mid-November 2022, as per the terms of the BCBJV cessation Deed. A principal loan amountof $2.5m remains outstanding from BCBJV to Bullseye."

From page 31 (33 of 88 of the .pdf) "During the year the consolidated entity (also referred to as ‘Company or Group’) incurred a net loss (includinganomalous legal expenditure of $5,330,339) of $9,956,696 (2021: $6,937,549) and incurred net cash outflowsfrom operating activities of $8,134,060 (2021: $4,291,532).These conditions indicate the existence of a material uncertainty that may cast a significant doubt about theGroup’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets anddischarge its liabilities in the normal course of business."

From page 69 (71 of 88 of the .pdf) "Exploration commitments Within one year 2,286,885"


https://www.bullseyemining.com.au/site/pdf/5f7fd0a1-8c2e-49ad-aea8-8e06bcc81346/Bullseye-Mining-Annual-Financial-Report-2022.pdf