Matsa - Quick read of the quarterly statement

I had a quick read of the quarterly statement.

Some thoughts:

1. It will live to see what Fortitude North has. As of Sept 26, it had cash of $16.5M + ROM stocks of $8.5M. Add $45M from Anglo (all up it has received $70M from Anglo)... We are looking at "cash" of $70M.

2. From that, it has borrowed $37M from DBA. And looks like it needs to set aside another $19M related to the BCM / Devon fight. It will have say $14M left.

3. In terms of its cash level, maybe upside from Campaign 5 in late Oct 26 i.e. it plans to process what it missed in campaign 4. Also 561oz from Campaign 4 remained unsold.

4. The quarterly statement specifically mentioned Campaign 3 was affected by the "voids". Campaign 4 was affected by rain and road closure. With some luck, we are through the "voids". See Pic 2 (grade from campaign 4 picked up nicely from campaign 3).

5. Suspect Matsa is looking to figure out if it has more gold elsewhere.. See Pic 1. For the first time, it mentioned its " Bindah Shear Gold Corridor". Guess it is responding to the challenge/plaints by Catalyst. It plans to run gravity + aerial magnetic survey. Drilling at Fortitude North will resume in 2027 after the two surveys are completed.

6. Ongoing operational review + consideration of potential recapitalization alternatives.

In summary => Feels like it can start with a relatively clean slate when the stock is re-instated. It will have a clean balance sheet. Let's hope for exploration success + upside from Devon.