Ann: December Quarterly Activities & Cash Flow Report, page-11

CASHBURN and COSTS

Exploration & evaluation DOWN 58%

Production DOWN 100%

Staff Costs UP 20% due redundancies

Administration and corporate costs- up 3700%?? probably due to the CR and SPP costs ( if this is accurate, seems a little off)

Other Ionic Tech DOWN 366%

Net reduction DOWN 13%, even after one off costs, and a much smaller addition of 878k v 1363k in government grants.

If we had the same grant this quarter, it would have been a 30% NET REDUCTION in costs.

Great to see the boys sticking to their guns and continually cutting.

Keep in mind this quarter carried the costs for the CR/SPP, and most probably staff retrenchments and redundancy payouts, including 1 director.

And as for our activities this quarter, they came in a late flurry late last year and have already been touched on by Jake, Rob and others.

With the grant money we have coming in, the addition of the SPP and Cr money, as well as continual reduction in cashburn, we should see a greater runway and timeframe to execute.
As the cashburn reduces and the one offs are accounted for, we should see an increase if our estimated quarters of funding, as well as the inevitable major cash injection by the APC/ATF, which should lead to a flurry of investment coming in.

Then we may just get the rerate we have all been hanging on for.....one that's been a long time coming...

Good luck everyone