Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

You’re right. Success always seems to be just around the corner.

Shame they didn’t raise a $1m back in the June quarter and make their mine more resilient and sustainable. Pumps and power were always critical to success yet they seem to have been weak links in the process. I think they will struggle now to get more capital until they show a good quarter.

It is worth noting that in spite of all their woes last quarter, they are only $63,000 worse off in cash position than the previous quarter results. Lift production back up to 9-10k tonnes in this quarter and maintain or improve processing performance without increased underlying costs and we should see a substantial increase in profitability.

These guys are going to knock the ball out of the park anytime soon but a couple a good quarters could see a $1m in the bank which is not bad for a company with an MC of just under $8m.

Probably better places to invest but as a holder, I am sticking around to see if this one can mature and bear some decent fruit.