I get that presenting where we stand financially based on the...

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DannyC25

226 Posts.

167

18/03/24

22:24

Post #: 72950031
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Originally posted by DannyC25: ↑

Here's a summary of where we stand:

1. The Dec Activities & Financial Quarterly report indicated that as at 31 Dec 2023 & based on expected expenditures in the current quarter (March) we had 1.28 quarters of funds left (in other words enough money in the bank to last until 2nd week of April 2024)

2. In the Half Yearly Accounts, Hall & Chadwick (The Auditors) raised concerns about the company's viability based on our cash position. That's an auditors job to give a fair assessment of the company's solvency position & ability to carry on as ongoing entity). However, Management maintains it is confident of being able to raise the necessary funds to ensure the company can continue to operate.

3. In terms of imminent cash injections, we know of 2 sources: Cominiere ($30M in fines & rising. We're chasing hard & rightfully so. The fine was a court order by the ICC) & Rocke Capital (Funding Facilty of $US20M). The Rocke deal will need to be finalised by 31 March. They either proceed or don't. Having said that, we don't know if management is also working on raising funds from other sources. However, given our low cash position I'm expecting the company to update us in the next few weeks in this regard.

I encourage you to read or re-read the announcements. It's my information source. The less speculation the better. Just work on the company announcements for guidance.

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I get that presenting where we stand financially based on the quarterly report & half year accounts isn't sweet music to the ears but it's factual & company information. I derive no pleasure in posting it but it's a snapshot of the state of play as today. But as I've posted before we potentially stand to gain about $60M in funds from Cominiere (fines) & Rocke Capital (credit facility) which should give us more than a few years of operational funds. The picture will be clearer in the next 2-3 weeks and I sure as hell hope we get good news.

AVZ Price at posting: 78.0¢ Sentiment: None Disclosure: Held
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