Ann: Quarterly Cashflow Report, page-5

i wonder how far 1.7 million can go. if the funds can carry DDD for the next set of mining and upgrade to plant as well, we might not need a CR from that prospective.

However with the Cosmo IPO, if we shareholders decide to take up the IPO, there might be some dilution.

My question is, is it worth accepting the Cosmo IPO now at the current SP level or would it be better if we wait until after the plant is operational and then look at the Cosmo IPO where the SP could be higher.

This would mean less dilution if we wait or none at all if DDD can use the money generated from the mullock to make a deal. This however will be at least a year away and Cosmo could go to someone else in the mean time.

Personally i would like the company to concentrate on the Adelong deposit then worry about other areas like Cosmo later (When the plant is running).