Ann: Dec 2022 Half Year Financial Results Announcement, page-23

Precis,

My understanding is that the 20kt was never mined because decline development was put on hold pending resolution of financing.

I think you should be looking at net cash rather than cash on hand. Operating cashflow that is used to repay debt does increase the net cash position and increases Aurelia's capacity to finance Federation by reducing the amount of debt that needs to be refi'd.

Isn't the company doing most of the things you have asked for? They are focussed on reducing costs and prioritising extraction of highest value rock (rather than previous management's focus on operational leverage through higher volume - which is a terrible strategy in an environment of scarce labour and rampant cost inflation ), putting Hera on C&M, optimising the Federation development, ceased development of Great Cobar etc. That said, I agree it looks like there is a fair bit of corporate fat that should be cut, and quickly.

Think all shareholders would agree Federation financing needs to minimise dilution, but this issue is not really with the board, it will be determined by the banks. Given the cashflow & value of an operational Federation, management should have a few levers to get the banks wanting to provide finance. Would be a huge win if management can convince the banks to provide sufficient finance with a minimal equity raising (ie < $35M).

The value in this company is ridiculous and be proven so to those with a >3 year investment horizon. Name me another miner with a substantial, high-grade, polymetallic, brownfield development adjacent to an unutilised plant and within trucking distance of an underutilised plant? The only ingredient missing for now is financing.