Hi @midastouch0707, ADG's half-yearly report announced on 15/03/23 shows the loan to Cosmo was $1.25M at 31/12/22.
Cosmo had $126,503 in current assets (i.e. cash & trade receivables) at 30/06/22 & considering they still owed ADG $1.25M as at 31/12/22, it seems unlikely Cosmo would have fully repaid $1.25M cash during the past (5) months.
When ADG announce their annual report sometime in Sep'23 it'll be obvious whether or not ADG management have kicked the Cosmo loan repayment obligations further down the road. I don't think it'll be any surprise if Cosmo still owes $1.25M at 30/06/23, or if the loan amount has gone up (rather than down), or if ADG have agreed to swap the $1.25M debt for illiquid Cosmo shares (worthless).
Looking at the WA Tenement Cache website, minimum expenditure for the Cosmo tenements appears to be $452,500 for FY2023 with a few of the exploration licenses in need of renewal during the the next couple of months.
E38/2274 : Expiry 09/06/23 : minimum 2023 expenditure $126,000
E38/2627 : Expiry 10/05/24 : minimum 2023 expenditure $70,000
E38/2774 : Expiry 28/07/23 : minimum 2023 expenditure $70,000
E38/2851 : Expiry 11/03/24 : minimum 2023 expenditure $70,000
E38/3249 : Expiry 17/07/23 : minimum 2023 expenditure $22,500
E38/3456 : Expiry 28/04/26 : minimum 2023 expenditure $20,000
E38/3457 : Expiry 20/04/26 : minimum 2023 expenditure $35,000
E38/3525 : Expiry 30/06/26 : minimum 2023 expenditure $39,000
I suspect ADG's future CR's will continue to manage Cosmo's ongoing cash requirements in some shape & form, or if not, perhaps Cosmo will descend into Administration for similar reasons as the previous owner of the Adelong mine (i.e. unable to successfully resolve debt repayment obligations / not enough cash to stay alive).
Cheers,
GW
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