Good to see these audited accounts are full of information,...

Good to see these audited accounts are full of information, which seems to be more transparent then previous times.

Reading the financial report from page 11 to page 22,
l read that management have found the necessary funding required to pay back outstanding loans, trade creditors, and outstanding wages, and to move to production stage. As note on page 12, on top of any external loans, management state they want to also do a 12M capital equity raising, which 6M will be underwritten, which shows confidence that backers in this project are liking what the BOD have put in front of them.

Find this paragraph interesting, as a raising has been offered by a large Perth broking group.
Letter of offer by a large Perth based broking group to fund up to A$50 million, including A$12
million referred to above, by way of an equity raise to fund operations through to positive cashflows
from production.

l read this report is that the only thing holding back any funding, is the required formal letter stating that the permit is in good standing, and there won't be a problem of the renewal of the Sambarabougou exploitation permit (Makabingui gold project) for another 5 years. l believe when this is received from the department of mines, funding arrangements will fall into place.

The way l see it is that the board has done everything required to get this project moving as stated on page 11,
Management has prepared cash flow projections for a period of twelve months from the date of approval
of the financial report. Forecast cash inflows include funding from debt instruments, equity issues and
revenues from Makabingui Gold operation production.

Note that new management must have had a hard time at sorting out accounts, paperwork and plant, equipment inventory associated to BSR, as stated on page 20,
1. Additional creditors were recorded in MGO, to recognise a number of liabilities arising that had
previously not been recognised. The liabilities related to insurance, professional services and
outstanding wages. Adjustment amounted to $359,000.
2. Amortisation on MGO plant and equipment was recorded. Amortisation charge is $96,000.
3. An impairment was recorded against mine and development assets and property, plant and
equipment due to the cessation of activities. Impairment was recorded against assets that will
need replacement and/or repair due to the lack of maintenance and the passage of time.
Capitalised labour and service costs have been impaired and the costs of those services will
necessarily be duplicated on the recommencement of operations. Total impairment was
$18,647,000 for mining and development assets and $319,000 for property, plant and
equipment.

Do agree that any relisting is still some way off, and this could be caused by previous accounting and external auditing issues, which have to be cleaned up.

Do believe that Andrew's involvement, and the new BOD has been outstanding, and feel more confident moving forward. Would like to thank the people that organized the board spill, as the alternative would have been a total disaster, and we would all have lost our hard earned money,