The Quarterly has been released yesterday and not a single word...

The Quarterly has been released yesterday and not a single word about its cashflow difficulties.

On top of dreadful operating numbers (site operating costs of A$1,554 per oz !!), the company has virtually run out of cash. Would this be topical to raise this shareholders and their action plan to turn things around?

The company had $214,000 as at 31 March. A closer look at the numbers reveal that it is using supplier credit and maybe not even paying its directors (as disclosed in 1.23 in the quarterly) - admin costs were $158,000 for the quarter - that is rent, overheads, admin people, executives, directors. The previous quarter was $722,000!!. It looks like suppliers would be screaming for their money or they dont know how bad things really are.

Exploration and development spending is very low - clearly conserving cash to stay afloat.

So with $214,000 in the bank, using supplier credit (for how long??) the directors are either be very confident that things will turn around quickly otherwise they are starring at issues like "trading whilst insolvent", and they are personally liable.

One director (the guy with the technical geology background) has jumped ship and resigned pre Easter - not even mentioned in the quarterly, so we now have the lawyer, the accountant, the publisher and two engineering type people running this basket case. Who has the geological experience as this is where the main problems of the company mainly lies (deposits not having the grade or quantity of ore expected) - other than very little money.