$10 mil in payables???? You have missed just a little bit......
If you read the annual report in its entirety these guys owe $23mil USD to Quintana ( so around $30 mil in aussie dollars!!) plus another $11mil in the listed convertible notes ( includes interest) due less than a year away plus $10mil in trade creditors and have shut down the underground mine with that news buried at the end of the last ASX release. That small Pearce open pit needs to be the best pit in history just to repay half the huge mountain of debt. And pearce only has 60,000 ounces in it and they aren't even pouring gold bars but doing a gold concentrate ! Plus their recoveries are only around 75% if you read up on Pearce so they wont get the full 60,000 ozs anyway.
How can they repay this $50mil odd debt? They cant.......and whats worse is the biggest debt pile to Quintana is repayable in USD denomination in a falling AUD currency environment.
No wonder the stocks in free fall and at $15 mil mkt cap today its got further to drop....like zero and bankrupt!
$10 mil in payables???? You have missed just a little bit.........
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