Ann: Half Year Accounts, page-8

Thanks Bushblock ...not confused just was scanning superficially on a slightly OCD detour from watching stocks I actually own or follow more closely
When I looked at the history it was just that ...ie history only. I haven’t been following company’s recent announcenents.

But after being pulled up I just read here http://www.resourcesempire.com.au/docs/21122017 Summary of Recent Lakewood Processing - Pennys Find.pdf
that they were expecting around $7 million value from processing of Hampton’s ore

I gather - perhaps wrongly - they are paying more than 30% interest? On a $7.5 million dollar debt that’s roughly $2.2 million?
Altogether $9.7 million potentially owed ?
So it seems that if they pay back more than $7.3 million that does wipe out a lot of the debt ...

Unless there is some kind of penalty that kicked in due to non payment. ...which, if so, they should have announced at the time they renegotiated but didn’t so presumably it is just a delay on the payback time with the 30% interest only applying to the money they still owe?


Like I said. I don’t know.
If they get another at least another $7 million in next campaign they should presumably be in front.

I hope so and will be pleased if shareholders are celebrating in the next few weeks .
It will be about time that something good happened !

But after taking another long look at the company in recent days I won’t be buying back in
I don’t know if it’s actually helped anyone else but for me it has been an interesting exercise and will change the way I approach research into other microcaps that pique my interest

Cheers and good luck