FOI (3) Documents, page-56

Hi Bendigo,

Hope you are well after the radiotherapy.

Re the second hand equipment. Don't believe the announcement. The proof of the pudding is in the Balance Sheet and as at 30 June 2022 The gross spend on property, plant and equipment from inception was $675k, purchases in 2022 was $430k. Spend in the 6 months to December 2022 per the cashflow report was $352k. So total spend on property, plant and equipment from day dot has been $675k plus $352k. MMMM, a tad short of $12.5m.
Also, of the $675k, I dare say a significant portion of that was exploration equipment and not production plant stuff (but we aren't given a depreciation schedule so can't confirm). So if all the second hand equipment has been purchased then the rest is new and it will be more than $12.5m. Inflation on this stuff has hit very hard.

This is why there is more than likely to be a serious CR. Has to happen. I just can't see a way out. Financiers would be lucky to fund 50-60% of the value of the equipment bought and that would come with serious collateral.
IMHO & DYOR