Email from Graham McGarry regarding today's announcements:Fellow Shareholder and Interested Party,
You are no doubt being inundated with annual report “stuff” and we have attached another batch.
- 2023 Financial Year Results
- Appendix 4E- Preliminary Final Report
- Annual Report 2023
- Resource and Reserve Statement 2023
The best document to read is the 2023 Financial Results, a summary document.
Income tax payments are being made regularly which will enable shareholders to receive fully franked dividends.
Depreciation and amortisation accounting charges are high (non cash) and our Jaurdi treatment plant is now written down to $5.3m, the replacement cost is far higher than the written down value.
Our current cash position of $16m and gold on hand of 1,340 ozs are a good reflection of how our business is going.
The heartbeat of any mining/processing operation is the ore resource/reserves and despite depletion of some 30,000ozs we have increased resources by 26,000ozs and reserves by 17,000 ozs.
Gold price is currently $3,000AUD, we are unhedged and personally, I am confident we will see a fall in the currency to 60 cents USD (which will add $200AUD/oz to the gold price) at current price of $1,945USD/oz.
On pages 6 and 7 of the Annual Report we have stated that the original transaction proposed for the Lady Ida Acquisition B was not acceptable to the ASX .
The Board and legal advisors continue to examine the alternatives.
Thank you for your support and please email me at [email protected] with any questions you may have.
Our Annual General Meeting is planned for 27 November and shareholders are welcome to the AGM!
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