As we near the EOFY and still await the Half Yearly accounts, I...

As we near the EOFY and still await the Half Yearly accounts, I do find it rather intriguing that the production updates have diminished considerably. The last Quarterly suggested that Production would hit "Nameplate" numbers during this quarter. Something I thought they would be shouting from the roof tops if achieved.

Newly constructed gravity bypass circuit was commissioned on 01 April 2018 and is expected to improve production to nameplate in the Quarter ending June 2018.

A quick look at the anticipated outlay for the current quarter of $38.5ml compared to previous quarters production receipts suggests they desperately require more funds.....and quickly!!!

IF and that is a BIG IF, they can release the Half Yearly Accounts in July and lift the current suspension, I would expect another suspension to follow when the Full Year Accounts are due.

I also note they still owe Mitsui some product for the Prepaid US$20ml.

Section 8.3 - This balance relates to a Copper concentrate sales prepayment finance facility with Mitsui Co Ltd of US$13.0m. The facility is fully drawn and attracts interest of 5.85% per annum.

Not a pretty picture I'm afraid



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