Ann: March 2023 Quarterly Activities Report and Appendix 5B, page-27

I think it is clear they have had production problems that they have not been candid about, and it is that second part that troubles me the most. Not only was Q3 production only 1.3 kt, but that is a paltry increase over Q2's 1.1 kt.

I also note that the 20 kg bagging line was scheduled to be online EOFY23 as recently as the March'23 update, but just a month later it has slipped to "Early FY24".

Alf Baker (ED) plunked down $500k to buy on the open market last week. If a raise was coming, surely he would have waited?

It is getting harder and harder to trust these guys, but if they come out with Q4 results with a run rate making real progress towards 200 ktpa, $0.13 is going to seem awful cheap.