i'm in , page-21

Lots of unknowns.

Hard to tell how much red ink there really is because we don't have all the financial data. The mining operation itself has been profitable by the looks of it but not profitable enough to pay down all debt.

Half year report shows current liabilities and includes RMB debt in the current liabilities, separated out. There's also a $5m non-current liability not sure what it is. Seems to imply in the half year that there was still some campaign 7 concentrate to be shipped. Don't know the details of accounting as to when they credit the concentrate value to their current assets so hard to know how to reconcile the half year report balance sheet with recent statements about cashflow and liabilities.

They have stated all payments lately are COD or up front, so I'm assuming that figures they have given in recent announcements are pretty much all current liabilities less current costs to date for mining/campaigns. The figures seem to line up with the half yearly report figures but less of course since they've paid down some debt both to RMB and other creditors.

The 13.4m net smelter return for campaign 8 do we assume campaign 8 costs all accounted for so this goes to bottom line? Campaign 9 if it meets targets should theoretically yield more than campaign 8 but we don't know what costs are there.

Also what is the other long term liability on the books and how does that need to be dealt with etc.

Still a lot of unanswered questions.

Also Fossey East is a significant quantity of high grade ore - what value (if any) does this have now?

Also current market cap of $3m is well below what the value of the company would be if they had no debt - how big is this gap compared to what the residual debt level will be after all cash from mining comes in - what sort of level of cap raising will be required or asset sales required to fill the gap - and where, once that dilution/asset reduction is in place, does it leave the final valuation of the business vs current cap.