Ann: Quarterly Activities Report and Appendix 5B, page-13

Cant say I disagree with you rfindings. I too scrutinsed the annual report as well as Appendix 5B and could not find any mention of them having paid Daelim their $11 million as the first 30% of the fixed contract fees.
As at 31September: Cash in bank - $17.71 million.

Estimated normal outgoings for Dec Q - $5,072,000
Consultant fees (upfront) approx. - $11.00 million - this has not yet been paid as of the Sep quarter report
For generators, pipes pumps and the like. approx. - $6.00 million. (cant be far off) - agree with this

So there is, conservatively, $22.00 million. (shortfall of approx. $4.00 million)

I had a look at excersiable options and there are only 2,000,000 @ $0.35 and 2,000,000 @ $0.45 both excersiable by 10-Oct-21.
In the best case scenario, even if all the options were exercised (I seriously doubt this), we would only have an extra 1.6 million.

At this stage, it looks li@J L is correct.