Ann: Renounceable Entitlements Offer to Fund Phase 1 Development, page-68

@4hrworkweek

Can you blame holders for being upset when they arent fed true information. From the last quarterly:


"Corporate and Finance
• Well-funded with cash and equivalents as at 30 June 2022 of $8.0 million and no debt"

and also

"8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (2,530)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(803)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,333)
8.4 Cash and cash equivalents at quarter end (item 4.6) 8,041
8.5 Unused finance facilities available at quarter end (item 7.5) Up to 4,575
8.6 Total available funding (item 8.4 + item 8.5) 12,616
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3) 3.8
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
Although the Company has positive relevant outgoings at Item 8.3 it provides the following
information due to the nature of the cash from operating activities during the quarter.
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered"

The capital raise occurred with no prior indication or notification to shareholders. This was my big issue with LPD. No indication of potential to capital raise and then hands are out for money again.

On top of this the related party payments to SM need to be seriously questioned by shareholders. $700kish per last QTR cashflow. Half a MIL!

The issue I see with this, and again this is only my opinion is that when they pay SM and this is on advice fed by or even just agreed by the non-excutive chairman, sat on the board. There is a conflict of interest. If he was not on the board they board might be less inclined to simply accept the amount charged by SM and look at if the payments are reasonable in nature etc....

Again simply my opinion on the matter.

Whats to stop SM charging $2M for "development" without scrutiny is all I am saying.