price expectation, page-42

We will know in the next quarterly report if their cost cutting has been successful in restoring profitability in the new low POG environment.

Last quarter TRY/AZH were cashflow negative. Hence the need for activating the Investec loan facility. Casposo needs to generate a large cash surplus to fund activities in Guyana.

Clearly they will need to fund the Guyana mine from additional borrowings.

That was a pretty uninformative presentation at DnD.

Some nice drill results announced today - but the market already knows there is economic gold in Guyana so not much response, I suppose.

The goldie market could remain frustratingly tepid for another year.

loki