RE: SPEEDING TICKET IGNORED.11 Jun 2024 15:46
Cash position
The Company's cash assets at 30 November 2023, were approximately £517,000. The Company does not currently hold US treasury notes. The value of unsold concentrate within Inventories at 30 June 2023 was approximately £3.5 million. No major capital expenditure items are forecast for Russian assets for 2024 and notwithstanding the proposed sale of concentrate (see below), the Company has sufficient working capital to meet ongoing obligations until the end of Q12024.
The Company's cash reserves are held in USD and GBP accounts outside of Russia and therefore not directly or indirectly exposed to Rouble foreign exchange gains or losses against other major hard currencies.
West Kytlim
The mine and all of its machinery and infrastructure are being maintained in a sale ready state, with no production expected on site in 2024, as has been the case for all of 2023. The stockpile of inventory from the 2022 mine season is being held in secure storage off site. As previously notified, discussions regarding the sale of the 2022 concentrate remain ongoing.
Will be interesting to see if they have sold any of the concentrate in the results this years Agm will be interesting as well.