Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

Agree and IMO, more shareholding destruction to be performed if/when that happens.

Previous Quarterly
https://hotcopper.com.au/threads/ann-quarterly-activities-appendix-4c-cash-flow-report.6720262/

CLZ stated: Continue to raise capital & pay down debt & liabilities to improve the financial position of the Company.

IMO:

1) They have not paid down debt, mostly just shifted due dates.
2) They increased liabilities by $4M with the Conversion Notes (if not converted and they are redeemed at face value after expiry)
3) They have attempted to raise capital by offering "Loyalty Options" IMO: worthless as current SP is less than option excise price.

The Financial Position is now worse and they need to service debt and get a mine operational at the same time.

A bad predicament IMO and more capital raising won't have a favourable outcome.