Ann: Half-Year Financial Report - 31 December 2023, page-2

Going Concern
As at 31 December 2023, the Group has net current assets of $12,832,871 (30 June 2023: $23,807,448),of which cash and cash equivalents amounted to $15,290,454 (30 June 2023: $25,852,484). For the halfyear ended 31 December 2023, the Group incurred a loss after tax of $11,650,630 (31 December 2022:$5,732,146) and an operating cash outflow of $9,893,832 (31 December 2022: $5,583,838).

The Group’s ability to continue as a going concern and meet its debts as and when they fall due isdependent on its ability to raise additional capital. As reported, with $15,290,454 cash at bank at the endof the reporting period, Peak is well funded in the short term to fund the Ngualla Project, and its corporateand administration requirements. In order to progress the project further, in a timeframe planned bymanagement, the Group’s cashflow forecasts indicate that there will be a need in the future to obtain furtherfunding.

In the directors’ opinion, there are reasonable grounds to believe that the Group has the ability to raisefurther funding as and when required based on its past ability to raise equity funding. However, in the eventthat additional funding is not forthcoming, the Group will need to reduce its discretionary spending to ensurethat it has sufficient cash on hand to continue its operations.

Perhaps the first place the BOD needs to look at re: discretionary spend, is their remuneration....they appear to be receiving an awful lot in the way of salaries for not doing too much... Just a thought