Hmmm. Well we have definitely turned things around since...

Hmmm. Well we have definitely turned things around since Clifford. Still there are a few things that are cautionary. Debt remained at $12.6m so a payment of $8-10 million (as the presentation says we repay each quarter) will need to come out of the available cash by quarter's end. Restricted cash remains at $41 million so we haven't added to that. Available cash has gone from $23.7m to >$30 million with the potential to go backwards $8m -$10m due to loan repayments. I note we had gold saved from Dragues to be sold in January so that may have 'ínflated' the current available cash figure. Metal prices are strong especially for gold, which up to FY2022 was making up 56% of revenue. I'm taking that to read that Dragues won't be delivering the 4g/t it needs to get anywhere near what the company keeps telling us it can do. It certainly has never approached the 5.7g/t average it was meant to deliver.
Are we going forward as much as I would find acceptable from an investors point of view having held shares at 64c two years ago? Nowhere close. Are we better off under Andrew than Clifford...that question doesn't even need to be asked. Unless Chesney East is fast tracked and the gold is being poured, the next 12 months is set to be very tight. So whether it is a good time to invest or not is difficult to tell. That will remain the case for me until certainty around Federation and it's financing is announced to the market. The deadline is Friday week and until then I don't expect the share price to move any significant amount. Finally, I will also give Andrew credit for saying what positive steps are being taken to improve things, and for focusing on where the company is going. That's a turn around from the previous two years when we had massive let downs with a focus on the excuses.