this could end badly, page-28

GBG's future potential profitability or otherwise and its ability to pay off debt is still about as clear as mud to me so I'm still no position and sell.

You can complicate the cost of production estimate in a half dozen different ways and do the same with the A$ and IO price ratio but what seems evident is:

1 debt to market capital ratio is at extreme levels

2 cash is dangerously low

3 margins, future profitability and ability to ever pay off debt are in question

If I were a shareholder I would be asking GBG management for an announcement clarifying how they plans to tackle all 3 problems and not necessarily in this order of importance.