Ann: Maiden Reserve at Bulletin to drive step-change, page-39

Even if there is a CR, it will make no real difference to CAI’s future, IMO it’s a toss of the coin if there is one, management knows how the transition/cash flow is progressing on a daily basis with the processing of the higher grade ore from the deeper pit and ore from Blue Bar. If it’s transitioning well and its cash flow positive CAIs cash balance by the end of this quarter could be up to $15 million and as such no need for a CR. If things are tight it might need to do the CR which would mean an extra 100 million shares to be issued, doesn’t change CAIs future or potential.