Cutting to the bone



Production is now in crisis.
Looks like the viable pipeline is running out.

Debt $1.7-mn v Cash 1.3-mn
And only 27k-oz pa now targeted; was 35k just 6 months back.
120 staff gone since then.
But 27k-oz probably won’t cover the fixed costs, even with $1,350/oz POG, unless maybe exploration + dev. goes to 0 .
Hence :
“Directors and officers agreeing to reduce their fees and salaries by 20%.”
That tells you things are seriously bad.

Anza isn’t even close to JORC .
No cashflow for that.

I’d steer clear.