Ann: Genesis merger, Leonora production and guidance update, page-12

Craig Jetson and team really screwed the pooch here. Pretty clear his whole strategy of lifting tonnage out of Gwalia was misguided.

Fortunately sounds like GMD is fairly committed to the merger. The faster we can recapitalise the balance sheet and get a solid operator in the better the outcome should be for SBM shareholders. Hopefully the revised deal structure doesn't transfer too much extra value out of SBM shareholders' pockets.

The one positive in this announcement is that debt actually fell in the 3Q (courtesy of the gold price). This suggests Simberi is probably back to decent cash generation. With the drillbit continuing to find more oxide ore there Phoenician may have some hope.