Ann: HAW - June 2019 Quarterly Activities Cashflow Report, page-2

A little confusing trying to decipher the cash flow statement due to timing issues but below is a summary...

Cash balance of $16m at the end of the quarter vs mcap of approximately $20m.

Receipts for gold sales are usually received the following quarter and therefore the decreased mining during the previous quarter due to the Stage 3 pit cutback resulted in lower receipts this quarter. Cash flow was also impacted by a one-off payment of $3.5m to Saracen.

Next quarter operating cash flow could be greater than $5m with the most almost doubling of ore mined this quarter + the likely higher gold price received + higher grade ore.

The important figure to note highlighted below showing the almost doubling of ore mined from the previous quarter which should be reflected in the cash flow next quarter.

No debt + will likely have more cash than the current market cap by the end of next quarter!