Seems to me as all financial accounts are required to be...

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donnybrook

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01/04/24

20:16

Post #: 73137723
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Originally posted by miningman2012: ↑

* Impairment of mining tenements
During the year ended 30 June 2023, impairment to mining tenements was
recorded as $3,003,901. Management considered recent ASIC guidance and other
relevant factors and has determined that the Kalpini project has little potential of
being mined and have therefore impaired the carrying amount of Exploration and
Evaluation related to the Kalpini deposit.

The lies that come from this management is overwhelming! The above i copied from the 2023 annual report.

In the announcement that they put out a few days ago on the "Pathway to Production" outlines firstly Cannon, then Pennys and thirdly Kalpini and says -Open pit optimisations have been undertaken for Kalpini which shows substantial cash flows via toll treatment at a gold price of A$2800/oz

So who are they lying to shareholders or the ATO. This is why they cant be trusted and need to go. Totally untrustworthy! All previous and current management and the BOD.

While on the BOD and management just look at remuneration in the 2023 AR
JP $655K when he was MD
GH$402K when he was COO- Assuming he is now somewhere near the above
JT$387K CFO
AP$99K NEC
PB$71K NED

Just so out of touch for a company of this size. Also for straight out incompetent people that all they have managed to do is destroy shareholder wealth at a time of a record gold price.

Back on the lies tangent- in the 2023 AR they state Gunga West has a Mineral Resource of 59,870 oz. Gunga West is a stones throw from FMR mill. They have sold it to FMR for $400K and a milling allocation ( which they may or may not ever use ). They still have to pay milling fees, its just a slot in the queue.
My point is that the project cant be too good as FMR are going to use Gunga West as a tailings dam and they were paid $6 odd a resource oz

How many other projects with a reported MRE are really never mineable?

Gunga 100%
Kalpini ? Again in the 2023 AR in the ""Summary of Gold Mineral Resources" Kalpini is stated as having 139,000oz out of a total of 1,240,290. So add Gunga and Kalpini together is approx 200,00 oz out of our 1.2M.

What else is a lie??????

How can shareholder take anything they say serious or have any trust?

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Seems to me as all financial accounts are required to be audited,there should also be a means of setting up an independent body to do likewise with mineral deposits.Under the auspices of the WA Mining dept., perhaps? Otherwise temptation is there to sucker shareholders with dodgy assays.

db

HRZ Price at posting: 3.3¢ Sentiment: Buy Disclosure: Not Held
1 Upvote

0 Great analysis

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