Ann: Red 5 equity raising presentation, page-9

At the end of the December quarter they had 26mil & now pre cap raise we have $27mil (pg 10) … so 1 million added to the balance sheet… this tells me that steady state is taking longer then expected… and they need a buffer to get there… debt & hedging is a heavy burden, banks, interest rates , inflation costs, workers extra has taken its toll… I will take up my full offer of 30k which doubles my exposure… my entry is about .19cents so 16cents will be about my break even…. Hopefully we get back there before long… I feel for anyone who can’t participate.. it’s a kick in the arse that’s for sure.

Surely Red 5 will turn the corner soon… at least they will be well in front with their debt facility… I would expect this quarter to be very marginal… at least with this CR we will be derisked and we should all survive and hopefully thrive into the future …