Ann: Request for Extension of Voluntary Suspension, page-14

Administration is usually the last straw. It's been and remains a race against time to get production and operating margins positive enough to demonstrate Coburn is a viable asset with LT value. As I said, debt holders are probably demanding another equity injection to restructure debt payments, but brokers/investors are leary of tipping in more risk equity into a CR, and management will be loath to sign-off on a hugely diluting CR. Don't know how long STA can hold out without another CR, but if brokers agree to underwrite one and what price will be largely determined by how Dec-Jan production and margins perform and what confidence the new tailings etc, etc plan brings to negotiations...

Without any knowledge of production levels and ongoing problems, operating margins, cash burn etc we are simply guessing at the outcome. Shareholders can be sure that creditors are nervous and the situation is on a knifes edge regard if/what CR and price will drop to buy STA time to implement the new ramp-up plan. After all the hard work he put in to reject reality and communicate his own reality to the market over 2023 I hope Luke got the chance to sell down before suspension...

GLTAH