Ann: Austral September 2023 Quarterly Report, page-18

WOW , knives are out here , AR1 at IPO had so much promise based on the premise of making sulphides economical through the leach process and then re-invested in exploration considering the ground they held was huge with multiple greenfield areas .
I personally was super bullish that this could be a good Aussie copper story but when the sulphides became a bust I made for the door but still watching to see if they actually drilled decent hits with decent grades but alas that hasn't happened and so here we are .
People always say pumping this downramping that but ultimately if a project has promise even if it's brownfield because the market price is better or the new owner has invested in improving the economics then what's not to be happy about .
BUT , when targets aren't met and or the narrative changes then ignore it at your peril .
Right now for me even if they get enough money from a new debt and package or a substantial cap raise and they stay in the game with their heads above water until either interests rates go down or copper goes up or both the reality is this will not be over night and will take years before it's remotely attractive again .
AIMHO GLTAH TT