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$125k cash injection from the recent entitlements CR & cash outflow of a few hundred thousand in the Dec'22 quarter for Gibraltar drilling / lab assays / CR & administration costs etc. There was $590k cash at the end of the Sep'22 quarter so probably something substantially less than $590k in the ADG coffers at the end of the Dec'22 quarter. Sub $590k isn't much to service ADG / Cosmo Gold financial support, or buy much drilling during the Mar'23 - May'23 drilling season at Adelong.

The cap raise frequency appears to be every 2nd quarter (averaged over the past 12 quarters) but I wouldn't be surprised if Management need to initiate an emergency CR during the next couple of months.



I suspect the probability of ADG delaying (or suspending) their business strategy has increased a bit since the flavour of the entitlement CR shortfall numbers were announced last month. Management desperately need to secure a suitable JVA with a cashed-up entity & a progressive $20M+ funding injection. Assuming a JVA doesn't eventuate during 2023, it won't be any surprise if ADG delivers a similar amount of lean progress as the previous couple of years (or perhaps something less due to prevailing cash constraints).