admin announcment

Got to hand it to them - they have been pretty consistant throughout this process.

**********
Funding Received

PLA has facilitated new funding of A$12.5m for the Group. The funds are being used to place Smokey Hills on care and maintenance, to further the Group’s interests in its Joint Venture projects and to remain in compliance with its Social Labour Plan obligations.

Smokey Hills Project

Smokey Hills has been put on care and maintenance. The management team at Smokey Hills have supervised the retrenchment of over 800 staff, secured the project, and are now ensuring the care and maintenance on an ongoing basis.

Restructure Program

PLA is seeking expressions of interest for all or part of the assets of the Group. The interest may be for the acquisition of all or some of the assets or it may be for a restructure and recapitalisation of the Group.
It is likely the above Restructure Program will take between 3 and 6 months to complete. Further updates will be made as milestones are achieved.
Shareholders are asked to be patient and to watch for further announcements on the ASX.