results a concern, page-4

Although the results are disappointing, (nobody's going to dispute that), I think there are a few positives.

1. Sales are up 8%
2. The report is only to June 30 so it's backward looking given the new CEO started in March and could have only affected a quarter of the time reported.
3. Impairment charges are one off items and although unwelcome, do instill a sense of trust and confidence in the new management to make hard decisions. The timing was perfect. Why not throw it in a with a slightly disappointing report.
4. China is maintaining growth better than expected, so improved average prices for copper, zinc, nickel and lead are envisaged. Prices could move up 10-20% in the next 9 months.
5. AUD is well off it highs. USD is as low as it can go. The average US$ exchange rate realised during the financial year was A$1.02, compared to an average rate of A$0.88 in the previous financial year.
6. Cash costs are stabilising
7. CSE’s shareholders approved sale of Einasleigh Project to Kagara.
8. 0.5 million fully paid shares at $0.56 per share to the Managing Director and CEO Geoff Day as part of an executive service agreement. Not exactly excessive given share price action of late. I also have $25000 worth of shares at a average of .56c, so the boss & I are in the same boat. Average options granted to other management are about $1.40-$1.50, so frankly these boys have staked everything on improving the operation and the script. Remuneration? Has to be the most difficult word to pronounce in the English language. No wonder nobody likes talking about it.
9. New COO & Business Optimisation Group
11. September's strategic review and five year plan will shed light on growth opportunities for the future.
12. We saw improvements in the last production report but I think many investors (including me) expected these to feed through to the financial report, which clearly didn't allow enough time for it to impact this financial report, which is looking back over the prior 12 months from June 30.