According to the most recent Quarterly, none of the NZD 1.4m of...

According to the most recent Quarterly, none of the NZD 1.4m of unsecured loans were drawn at 30 June, and only NZD 180k was drawn at the date of the report, which should have been repaid after the successful NZD 1.8m rights issue.

With NZD 406,250 of the Hamish Brown convertible note converted on 9 August 2024, following on from the NZD 276,375 converted on 26 February 2024, there should only be around NZD 317k outstanding to Mr Brown. The NTL announcement of 29 July says the board will seek shareholder approval at the AGM to issue at least NZD 150k of shortfall, as required by ASX rules.

So, the company has a much stronger balance sheet and no debt, and should be better placed to extract some gold.