Ann: Quarterly Report Q4 FY24, page-7

So sitting on $190mill cash and $50mill in investments

In FY25 they expect to spend $50mill on capex and exploration also another $14mill in corporate costs. Mining operations aren’t expected to exceed $10mill in profit (could end up losing $10mill)

Then looking to spend an additional $380mill over the next 4 years to fund a project that won’t starting producing gold for 4 more years (200k oz per year for 10 years at a cost of $1550/oz)


So we really need to see POG far exceeding AUD of $4000/oz, to be able to achieve that without taking in debt/massive share dilution.

not to hard to see why we are trading well under cash plus investment value. Risky risky business!!

if this works out the upside can be huge!!