Ann: June 2024 Quarterly Reports, page-7

losing $10M over a record Qtr production with a record high grade (which is not sustainable by definition in a 1.1% HM mining reserve) and a debt interest and repayment standstill, almost confirms shareholders are on deaths row waiting execution to access CGT losses, while seriously bringing into question whether anybody will invest the large amount of capital to transition to MSP operations and rectifications even with debt written down to zero? On the bright side, if Coburn is to be mothballed that's less HMC product that other struggling Oz min sand miners have to compete with...



Sat image from 27 july shows the mess they are making of the original mine plan (new mine reserve plan lowerr image). Building surface tailings dam while they wait for the last large mining pit to become the next tailings void. Not cheap which means short term savings going back to in-pit disposal, but more rehab building up as they strip mine and surface store tailings all over the place. Looks like they might be moving back to the west which does have higher grades under thicker OB, so maybe higher HM grades to come, but higher OB costs. Just looks like a mine so marginal it has a heads we break even, tails we lose money if/when things go wrong...