Sprott Talking Today 14th., page-8

I'm taking official EMR releases as point of reference. Sprott can speculate as they wish - with no comeback. They have a nice profitable arrangement with EMR where they loan them money at approx 10.5% and take a percentage of gold mined. And want to lend them more money at 10.5% and take another percentage of gold mined.

In Q1 2023 - cash and reserves increased by just AUD$5.8M. That's after costs, including Corporation Tax.That's the total profit from Q1 activities. A corporation tax bill is part and parcel of business and is budgeted for.

At the end of 2022 EMR stated USD$50.4M of debt - having paid down USD$14.6M. Interest on loan from Sprott was USD$4.02M.

Debt of USD$50.4M = approx AUD$71M. That;s vs Cash and Bullion of AUD$79.4M

Sprott estimated figures - borrow AUD$92.9M - payback over 4 years = AUD$125.8M (Compound interest of 10.5%)
2021 AUD$10.6M
2022 AUD$43.6M
2023 AUD$26.1M
2024 AUD$45.6M

If you go with the Sprott figures - sure AUD$71M to be paid back in 2023 and 2024 - what about the interest at 9%?

EMR are running fast to stand still - what comes out of the ground currently is servicing debt and further exploration.

According to Sprott This is the beauty of a group that does not need further equity to achieve multi-asset ounce growth. What they fail to mention is EMR can't do that without tapping in to another line of credit with Sprott of USD$100M - probably at 10% interest, on top of the USD$50M still currently owed to Sprott.

How will EMR pay for a processing plant in WA - magic beans? And the AISC in WA is likely to be north of USD$1000. (NCM, with economies of scale have an AISC @USD$1100). Additional debt incurred, to get additional gold out of the ground.