Ann: Quarterly Cashflow and Activities Report, page-13

probably just a timing issue on the money LNC , money for the gold produced pre 30 June received after July LNC

total production was 3700 at say 1675 call it $6million. So far they have $3.7million , $2.3million to come but as sure as night turns to day they have substantial payables at 30 June to gobble that cash up.

You cannot continue to develop a mine like this without $3 to $5million working capital going forward. The reason is so many things could go wrong.

They disclosed poor ground conditions on level 1. That can be expensive to fix . Already there is considerable doubt over the grade, the oresorting has not been a success. Labour rates are rising in WA and highly skilled airlegs miners are the most expensive labour you can hire underground and rare as hens teeth. If you employ airleg rookies then you take a risk.


And all they can say is they are in discussions with the underground contractor about further development .... like the discussions over BS toll milling... subject of course to financing...which means CR at a steep discount

The market has lost confidence in them . NPV on BS does not equal what you can sell it for .

Any buyer needs to do a deal with Sprott. Sprott knows that so plays hardball to see if they can get this asset cheap now they know AWV is out of cash and in debt. If you were a buyer of BS you would a deal with Sprott before you buy or a big discount to NPV .

Market has worked this out thus the market cap.