Ann: December 2021 Half Year Report and ASX Appendix 4D, page-2

We at least they have woken up to not effectively not borrowing to pay the div with continued expansion of net debt and essentially every metric substantially down since the introduction of building brilliance -

despite a rising gold price the group operations returned next to nothing except a solid further drop of statutory net profit and even the “ underlying” profit - a favoured metric of poorly performing companies

Lenora got a slight improvement from cashflow I assume mainly from the purchase of ore

Simbiri - remains a costly operation

Atlantic despite all the money spent on aquisitun and subsequently capital to improve it - has delivered a reduced profitability (substantially )vs last period despite all the talk of brilliance programs across the business

I’m somewhat amazed a substantial material write down has not been made on Atlantic and question why

net debt expansion and very large deferred tax liabilities of over 200 m sees div finally stop

some sort of capital restructure may be required to get a hold of the expanding liabilities with less profit being generated and ongoing serious operational performance issues at Atlantic and simberi

massive wrote down of Atlantic is overdue imo and will require some balance sheet work

very high valuation imo

when it’s not growing despite solid rise in gold price

Managment delivering such drops in net profit and not paying loyal holders (which in all
Probability will stay that way with looming write down overdue on the astoundingly dilutive move to pay ridiculous overs for Atlantic)
Balance sheet deteriorating and expected write down not included

good
Luck-