Ann: Quarterly Cashflow Report, page-9

Capital is always a scarce commodity.


IMA has now established itself with very strong positive cash flows from its existing resource. That appears to be a locked in benefit for some time.


Whilst it is always more comforting to reduce or eliminate debt, if the debt is manageable (or penalties apply to retire it) a better application for the cash flow should be sought, such as expansion, exploration or investment in other businesses to growth the business.

Naturally, choosing expansion over debt reduction etc carries risks, but ultimately every mining business, in fact every business carries risk. This is where stakeholders rely on capable management to assess alternatives in the best interests of the company.

I admire what the company has achieved to date and am happy to leave the next steps in the hands.