Even if they mine all of A1's indicated resource (c. 41 koz,...

Even if they mine all of A1's indicated resource (c. 41 koz, ignoring the inferred resources), that would be $23m net margin (being A$1,550/oz revenue vs A$1,000/oz all-in sustaining cost. Assuming they blow $5m in exploration, corporate and admin costs, that would still be $18m cash in the bank.

Then we deduct for the $2.5m of convertible debt, so they will have $15m in cash at the end of the day, which is $0.021 per share.

If there really isn't any more gold there, we could do a 1PG and vote to dump management and board, and get the cash distributed to shareholders.