Ann: Shallow, High-Grade, 84% Indicated Au Resource - Mangaroon, page-27

They just received another $1M cash from the R&D refund.

They've pulled right back and looks like they're only/mostly exploring for gold at Mangaroon at the moment (and with gold price over $4,000, makes sense).

I think the Top Drill drill for equity is still ongoing, plus they have $480k in EIS grants?

But they've done all the drilling they needed to for now, so won't be any/much drilling costs for the time being/until feasibility?

Since the start of September they're not paying the NE Directors anything in cash (paying them in options), so they'll save money there too.

We all of the above, you'd think they can make it to feasibility study easily, and beyond (costs are pretty low when not drilling much/at all)?

Feasibility study should be really good based off the resource being from surface and super-high grade of 12.8g/t Au, and without building a processing plant.

And then after that (or before) we might even get a deal or two with cash to DRE component(s)?

Hopefully after feasibility study, etc. SP is higher and can raise higher if have to, but if they can pull off some deal with BC8 where they get some cash upfront (and paying for it at back-end through production/smaller profit share) then that would be a dream.

I even wouldn't mind them taking on a bit of debt to avoid a CR, even though I never normally recommend debt for a junior, but in this case I'm confident they'll get the gold mining going and make profits from it, and then continue to do so with the other targets, all on existing mining leases.

Cheers,

GB.