I think the only real concern is Life of Mine.It seems you are...

I think the only real concern is Life of Mine.

It seems you are confusing accumulated debt with accumulated losses. Outstanding debt is $US2.077m (refer note 25). This can be wiped out in 1 quarter if they meet their forecast production for the year.

They went backwards last quarter due to the change to a contractor and the slow ramp up. The next quarterly will give us the latest picture, which going by the share price may not be what we are looking for.

Given their forecast production and low debt there is no question around a going concern. The annual report was not qualified by the Auditors from what I can see. The auditors tested for: going concern and book value of assets which seem ok given the profit they made and the outlook.

They are investing a lot on acquiring leases around existing mines so they must be confident there is more gold/silver there and they are probably in the best position to know.

See what happens later today or tomorrow with the next report.