Too many unknown variables. Really management should have...

Too many unknown variables. Really management should have updated holders in regards to production. I would see a capital raising at this point being unlikely.

Their cash position at the end of June was 13.5 million, with a loan facility for a further 8 million. They are still producing gold, even operating on the basis that first gold was produced in February and to the start of June they had produced 7,800 ounces.

Presumably they can exceed this initial production level given they have sorted some of the initial issues that we are aware of this. They forecast for 11 million in revenue form gold sales for this quarter leaving 4 million in the bank plus the 8 million loan facility.

You would expect them not to be terribly far off, given they have not changed their forecast for production of 75k oz for the year.

Just my view, not holding at the moment as I've become a bit disenchanted with management and saw better opportunities elsewhere.

Good luck all.

JB