Ann: Quarterly Activities Report and 5B , page-11

Beavis

The R&D grant was really good for KBL as it gave them financial room

The quarterly spells things out clearly on page 9.

To summarise:

The quarterly profit was a notional $2.2M.

The funds from the SPP and R&D grant allowed the final payment for Prominent Hill to be made. Also creditors were reduced by $4M which has allowed further cost savings. It is not clearly stated what this means, but I assume some supplier accounts are now giving KBL better terms. Also shortterm debt was paid out.

All good really.