Ann: Investor Presentation AGM April 2019, page-45

Hi Spiney....it is a bit grey...at least until the quarterly report is issued. The unknown is Q1 2019 expenditure (unless I have missed it). So we either have:

• $17m cash balance at 31 Dec 2018 with 2019 projected expenditures of $12m (leaving $5m blanace prior to any Winx bond rebate from SoA - of $1.2m); or
• $12.5m cash balance as at 31 March 2019 with remainder of 2019 expenditure projected as $12m minus "x", where "x" is the amount spent in the quarter just completed.

Hopefully the two reconcile unless "x" was a blow-out. Which of course, we know it wasn't as Winx was on budget and that was the primary driver of Q1 expense.

I guess the crux of it is whether the $12m is full year 2019 projection (as I am assuming) or whether it is the 'remainder of 2019' projection as you are assuming.

Quarterly report will shed light.

All IMO and GLTA.