Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-21

Hey Bean,

As you say, the good news was baked in, albeit for traders (so they move on).... for LT investors, it was simply confirmation. Which I was pleased to see, so... bought more. I fully expect EMR to more than emulate CMM, particularly if they are able to solidify their position in Cambodia. I can only imagine how many more deposits are lurking under known deposits (though obviously, they are all artisanal deposits/workings.

The quarterly is an excellent read. I tried hard to find fault with it.. but... well, there is only good news. Their liquidity which is sitting at over $30m AUD is exceptional, when I thought they would barely scrape through with the funding position they had. The grade and ounces coming in over the DFS. Net debt is sitting at around $80m USD. Which will be fully wiped by the end of FY2022 (perhaps a bold expectation, but... I think it's achievable if they grades simply meet the DFS (i.e. next 3 quarters will see them produce approx 85k. AISC of around $780 USD, well, the numbers fit pretty well). Just maybe that will prove conservative...

I also think that EMR will move on something sooner or later. Though I get the feeling, that they may even look to purchase something in Africa, perhaps listed on the ASX, versus buying in Western Australia (which is facing all sorts of issues).
Out of interest, have they explained exactly what they are after.... project that is DFS ready? Currently producing asset that is under-performing? etc