Ann: Quarterly Activities Report, page-30

Bottom line is whether NCZ call it "Development Costs" or is it really "Operating Costs??", they burnt through $23M last Quarter and have $22M in cash.  Maybe they can drawn down further on the NAB facility in addition to the cash they have?  I am not sure about that.  NCZ say they expect to be cash flow positive next quarter, but I am more interested in what they are actually achieving as opposed to what they expect to achieve.  What they are achieving at the moment is zinc recovery of 40-45% and unless that recovery rate increases significantly they are not going to be cash flow positive.  So I will wait for another quarter before looking to buy some NCZ's, as I suspect they are going to get cheaper before any significant share price increase.