Ann: First Quarter Cashflow Report , page-8

You make a fair point there about going back in time to smooth out those fluctuations. Other unknowns include the quality of vermiculite being produced at the moment - it could be coarse, it could be fine, the terms of the sales contract with Dupre - FOB, FIS?... I think the only thing we do know is that there are many unknowns.

I did get an email from one of the directors earlier in the year to advise that they expected the mine to be well and truly cashflow positive once 30ktpa was reached. At the time, they were expecting this by the end of September this year, which obviously hasn't happened. This director, now no longer with the company, also said that average sale price would be known once the BFS for the first 50kpta expansion was released. I haven't managed to get another email yet.

In terms of capital raisings, I do recall reading in the auditor's report from the annual report that the directors acknowledge a need for at least one future capital raising. I think it's where they explain why the company can be considered a going concern.

GLF obviously has potential, but just as obviously has a communication issue.