Ann: Results of AGM, page-69

New equity is an imperative however, with the structure of all the previous Con Notes, new equity can only now come from further Con Notes.

There will be no support for a traditional equity raise given the history. If SB is going to dip into his pocket again, the Con Note will have to be far more attractive than previous tranches. The share price will take a beating (I know it already has but watch out).

I sincerely don’t see the logic in keeping this afloat, what’s the end game??

Plant is too small, no guidance, no transparency on true costs and clearly the asset is underperforming and not reconciling to the mine plan.

SB better have deep pockets….if you want to see an analogy for this type of structure, look no further than Haoma and Gary Morgan. An unprofitable gold miner paralysed by debt and controlled by a single party.

If I was a contractor, I’d be asking much tougher questions before incurring any more debt.

Best of luck to holders but this thing stinks and the ASX and ASIC should hold their heads in shame. It makes you wonder who they are really protecting.