As disclosed in the 2021 Annual Report, the Group was in ongoing litigation with both Dampier Gold Limited and Billabong Gold Pty Ltd. A judgement was delivered in respect of the Billabong matter on 14 December 2021 and the Dampier matter is ongoing. At present the Directors do not believe that it is reasonably possible to estimate any potential obligation in relation to these matters with sufficient reliability and consequently no provisions have been raised as at the balance date. The Directors do not believe that the settlement of any obligations arising from these matters will be material. The Group is in the advanced stages of negotiation with regards to entering into a convertible note facility that will provide access to $7.5m in funding. In the interim, the Group has entered into a short term funding arrangement whereby it has access to a facility of $1.5m that will be repayable out of the proceeds of the convertible note within the next three months.;The planned exploration activities over the next 12 months will require additional capital of approximately $7 million however the Group has the ability to scale back exploration activities in order to preserve cash if required.
VAN Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
