Hi @midastouch0707, in my previous reply post I forgot to mention the numbers for Cosmo Gold's capitalised exploration (note 8 in their annual report). Tenement E38/3457 was surrendered during the year & the capitalised expenditure for E38/3457 was written off.
The value of exploration expenditure (as an asset) is a BS number unless costs are recoverable through asset development or a sale. IMO it would be reasonable to subtract the $2,058,559 exploration expenditure from the Cosmo assets on the basis that costs recovery is an unlikely probability. Net Liabilities would then be a more realistic but much less attractive number than the ($8,833) shown in the annual report.
According to the annual report (pg.2) Cosmo submitted a term sheet on 07/11/23 for a back door listing on the ASX which might offer some contributing reasons why the $1.44M loan repayment obligation to ADG is being expunged via debt for equity transfer.
Hi @midastouch0707, in my previous reply post I forgot to...
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