Ann: Quarterly Activities Report & Appendix 5B, page-9

Ex....not so sure about the need for cash being that far away. As you say, 9m aud by end of this coming quarter based on projections. Those projections include 4.8m "exploration and evaluation" costs, which I imagine would include 2.1m aud for our 40% of SOA bond payments and payments to GB (gross amount is 3+0.5+0.5 in usd; exchange rate of 0.75; and our paying interest is 40%).

While we will get back the bond (1.6m aud being our share) in due course, probably not before the Western Blocks well has been drilled (assumption). Also, no certainty on timing of SoA payment of held up exploration credits....so both may not inflow this coming FY...or at least till near the end of this new FY. (assumption). 3 quarters to go (including current Q), as a minimum, till the end of Q of the western blocks 'drilling quarter'. If current run rate of 1.4m aud per quarter for staff, admin, corporate and other costs is maintained - then the 9m aud at the end of this coming quarter reduces to 6.2m aud. And our share of the Nanushuk well, to dry hole status, is 8m aud. And we would want to have a few mill in our kitty at that stage for any potential follow on initiatives.

So clearly we will need more cash....and probably before the end of this calendar year. So farmout of our western fairway and perhaps YG as well become critical to not just enable us to pursue those conventional targets, but also to properly fund us to complete the Nanushuk well that we are already committed to.

We all knew how important those conventional farmout deals would be. This 4c report has crystallised for me, how important.

All IMO.