The net asset backing was 60c. Worst case scenario the company...

The net asset backing was 60c.

Worst case scenario the company is completely liquidated and all assets are sold for 60% less than book value which equates to about 24c a share for shareholders after all debts are settled. Lounge Lizard sold for 43% less than minimum expectations. The copper, zinc assets may attract more interest.

Best case scenario is something like my Plan B. Southern regions assets, MUX and even possibly AB sold to raise 100 mill, which will allow the company to relist, clear debts and retain cash of 20-40 mill. They also need to complete cost lowering projects in Chillagoe i.e. the Mungana plant to have any kind of realistic future. Trucks driving for 3-4 hours to transport ore from Mungana to Mt Garnet for 9 months of the year is very cost inefficient. The primary goal should be to eliminate this cost threat and focus on profit generating copper operations around the central region.

There are four documents you should read below. In particular, I would encourage anyone who is owed money or who knows someone that is owed money, to get them to read the information sheet for creditors. There are critical things they must do in minimal timeframes.

Voluntary Administration