Fact Check

Fact checking : being realistic and the bite you in the arse statements:

On 12th May 22: Chairman & MD says: The placement means we are now fully financed into initial gold production at our flagship Mt Freda Gold Mine. We expect to be mining Gold on time in Q3 ( that’s between July to September 2022) it’s now November.
Actual: Mining at the Mt Freda Gold mine lease has not commenced at all, as at today. Mining actually I commenced at a different mining lease.

ASX Announcement 17th August 2022: New start date) Headline:
First Gold Production expected within 12 weeks. That’s in 15 days time.
1st November 2022Presentation: Mining is 20% ahead of schedule? If Gold production was to commence in Q3 of 2022 as stated on 12th May 2022
ASX announcement, how is Tombola 20% ahead of schedule. Its now November 2022.
The quarterly paints a sorry story with less than $400k available in funding for the next quarter. With only 15% placement facility (150m shares) and a share price under 3c and a load of upcoming costs and debt from previous acquisitions (Lorena $7m, True North $1.5m) not yet paid for, seems not a lot of options unless serious debt finance. There seems a big disconnect between on mine site management and reality ( or inabilities) if the forecasts for mining and a gold production timelines are relayed to Brisbane city management. Seems a big miscommunication somewhere.