secondary sale cleansing prospectus, page-42

That may have been me who mentioned cash flow on the weekend pisces without much detail so I provide a little here. Given they seemed to abort producing cash information in the quarterly, I wouldn't hope for good things no that front.

I'm guessing that in Q2 burn was maybe $17m pre acquisitions (see below). Thats taking the leaked cash number of $3m, and assuming $5m drawn on EDF, the $10m convert undrawn and $4.5m of the debt facility repaid in cash. Am not really clear on those, especially that last one, and maybe I'm missing other things I must say. Will wait and see. Outgoings seem high tho before most development kicks off. I mean Penumbra is only starting now, then Botswanna drilling in March and Dewitts development in the second half.


Cash Sept 10 $25m
Less Cash Dec 10 $3m
Cash Use $22m
Add Placement $30m
Add EDF? $5m?
Adjust cash use $57m
less Mashala $35m
less debt facility
part repaid in cash? $4.5m
Est Cash Use Dec Qtr $17.5m