Ann: Half Yearly Report and Accounts, page-11

I think some of the negatives could be overlooked for reasons you state, except for the fact that management have been spraying themselves in cash. In FY23 the three KMP paid themselves US$1.44M in cash salaries (A$2.15M) and US$4.09M in total remuneration including SBC (A$6.11M). For just three people, A$6.11M is an obscene amount of money for a company with a market cap of A$300M and barely any revenue.

HotCopper will do its thing and holders like @10mc will try to disparage the poster instead of engaging with the content, but for anyone else wondering why this company attracts no love (and a large chunk of shorters, 5.2% or #34 out of the entire ASX) you need look no further than the remuneration report and the P&L to understand why. Good luck!