Ann: Half Year Accounts, page-2

So 16,666,666 shares (recently converted options) held by the original project owners have potentially hit the market in the past couple of weeks. Part payment for the project by PRL in Feb 21 was made to Ozexco shareholders in the form of options exercisable upon a successful scoping study. This would explain some of the liquidity that has brought the share price down a bit post-SS release. From 17 Feb 21 terms announced:


Given that the vendors were accepting 1.5 cent shares as part payment in the original agreement a year ago, I’m guessing they would be quite happy with cashing some/all of this newly converted tranche out in the 9-12 cent range now, which we’ve been in since SS announcement. Understandable that sellers of the asset want some cash to play with after a year of waiting. Just my guess anyhow.

As for the rest of the report, I’d like to see employee benefits expense reigned in. Employees and directors need to see this as risk/reward too, not get overfed from the trough before its full. Their work - and the continued buildout of the team - is critical to advancing this project, but it’s the primary expense here by a huge margin now. $3.04m in employee benefits expense over 6 months is the largest contributor to the $4.18m half yearly loss. Most of this is exec/office/corporate based roles too if I’m not mistaken, not work boots on the dusty ground. This employee benefits cost outstrips all of the exploration and project evaluation costs across all projects by a country mile: