Ann: Company Update - Board Guidance and Capital Return, page-6

This one is going on my watchlist as of todays announcement. the Board seem committed to delivering value and not taking a cheap offer. The chart doesn't show much action at all but will be an interesting one to watch once a breakout occurs. The risk/reward at these levels is attractive once we see some volume.

Based on current cash on hand of approx $16m and a burn of $2m / quarter less the capital return of 2c per share (217.75m shares on issue @ 2c) = $4.355m - they have about 6 qtrs of cash on hand.

So lets say they have enough cash on hand for activities until perhaps the end of next year.

Are there any big expenditures im missing?