Ann: Updated Nugent Mineral Resources Estimate, page-72

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10/08/22

11:04

Post #: 63028726
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Originally posted by VYR ↑

Hi Curiouswon,

You make a good point. Lets hope existing shareholders don't have to suffer any further delays in the restart or worse still any further dilution

Great to see enough resources in the MRE to keep the plant running for 5 years at 40% capacity. That should throw off circa $450m of free cash flow at an average price of $4.50 / lb.

Back in December 20 our directors sold 38% of the $200m plant and $100m of future tax benefits to new shareholders for $10.9m. Those shareholders also got 38% of the resources and future cash flows. That came with a forecast that the UG mine would restart in Feb. 22.

That didn't happen of course. We were back to selling the hidden gems in September 21 when our directors sold another 20% of the $200m plant and $100m future tax benefits for $12m. Those new shareholders also got 20% of the resources and future cash flow. To add a bit of sting to the wound the restart forecast was extended until the end of July 22. Isn't that tomorrow?

We can only hope that management and our directors stop farting around and realise the massive hit existing shareholders will take if the restart is delayed or they raise more equity to fund the restart rather than pay a bit more interest to get on with the job quickly and unshackled using a higher risk tolerant lender.

Time is definitely of the essence.

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Sounds to me like they just need to stop playing around raise $30m at .05 and get a loan for another $10m for a working cap facility, just incase

Costs have gone up and so have interest rates hence the $30m from $26m

HGO Price at posting: 5.6¢ Sentiment: None Disclosure: Not Held
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