Yes, It's missing both tranches of the placement - the cash was $9.6m at 31 Dec 24 before the placement in Jan 25.
Since they've included the shares from both tranches in the pro forma shares on issue they've inflated the market cap without reducing the enterprise value by the cash that would come in from the shares.
Pro forma Cash should be ~$10m higher and the Pro forma EV should be ~$90m.
Ann: Australia's Newest Gold Producer Presentation, page-13
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