Ann: Quarterly Report Q1 FY22, page-2

Interesting report - no particular order

imo pretty silly to treat many shareholders as stupid - sure asic see big fall - but hardly something you put out front and centre as if management did something -

of course asic down - png still not operating

bit of a bump in gawalia production is positive

cash on hand plummets 133 m to 42 m as operational cash contribution craters back down from 100 m to 16 m -

Sbm is now in a net debt situation with c80 m outstanding

Hedging big note -

all gold forwards closed out end of year as per annual report with only sold options in place

that has now changed-

new gold forwards have now been opened- 80,000 oz at 2465 aud average - from nov to June — so 8 months
10,000 oz per month which is currently 44 percent of last qtr production

production

Atlantic production down approx 43 percent on qtr

Gwalia production up approx 15 percent on qtr

Png production down 100

Consolidated cash and all in sustaining costs both drop on qtr as png not operating

some positive drill results which will require more money and more time and more investment presumably to materialise

Definitely should not have paid that last div and be in net debt imo

Note 200 m syndicated facility has just been renewed till2025 so it has debt facilities to draw on and you can bet they will draw them down

report is poor and shows operational risk issues and falling profitability and need for further capital spends imo

So I suppose share price does the opposite to logic

Atlantic not making much money at all currently

good luck