Ann: HAW - June 2019 Quarterly Activities Cashflow Report, page-13

Agree with the consensus here as the numbers don't add up and was expecting an additional surplus rather than net loss of $7m for the quarter. The company is really poor in presenting its results and hopefully the annual report will provide some better guidance and summary of operations and forward planning. I have no idea what the ASIC is for the quarter and also what revenue is expected in the following quarter given over $8m in expenditure is planned. What is planned for the revenue from the tenement sale? There should be a dividend return to investors as that (ROI) was a large part of the value proposition presented to shareholders at the start of mining. When you consider the other negatives regarding the mine such as nearby leaseholders and the amount of time and effort to just make a net profit of $1.3m for the year with no updates or guidance throughout is pathetic.
In June 2017 prior to mining the value proposition was a recoverable reserve of 62000 oz a cost of recovery of $1010 per ounce. If we use the $1700 aud per ounce metric others have that's around $43m surplus revenue over the initial life of the mine. Considering the costs sunk into development and there being a $6m capital raising to support this then that surplus of $1m now becomes a deficit. The entire project is being extremely poorly managed as is the company and I hope that further guidance and information around mining activities and revenue shortfalls are explained in detail as currently the only ones making money are the mining contractors and Saracen.