Ann: Quarterly Activities and Cashflow Report, page-17

First impressions. Not too bad.

Cash position - slightly more than expected but still very much status quo in the sense that there aren't many multiples of expected spend on the next quarter that can be made out of current cash - which suggests still a cash squeeze (and a need for a cash raise) unless a finance deal emerges.

Trouble is, in my opinion, the timing. If NF can't be confident on timeframe of Cominere agreement (extra %5 or %10) he probably can't afford to wait and run out of cash. If you run your cash too close and have to raise you raise in a situation of desperation and its a raise like the Pattos raise. You pay a lot for it.

750k for project payments only looks to be about half of the final project payment so its probably the figure in aussie dollars - but only half with another circa 750k in the later six months. A bit over a US million from memory is due as final payment for tenements around 23 may 2020 from memory.

I like the video (actually though its an animation I believe) in that it does a good job of showing the overview but its like a heavily photoshopped picture it shows an ideal, a hope, an aspiration - it doesn't show current reality. Its a bit like a pitch to the heart rather than the mind. To the believers rather than the thinkers.

I'd like to see the actual roads (the 617 into manono and the pweto route) in their current states being ridden over with say a couple of guys on motorbikes taking videos as they go to see the actual state of the relevant roads. Because however good or bad they currently are they (especially the pweto route) is likely to need money and engineering (drainage etc) spent. We are largely blind to the current real state of the transport routes - and the real state matters.

The video/animation is not wasted (retail shareholders bought the last cash raise - and they weren't burnt and they might buy the next one) and not unappreciated (having a single cogent articulation of the plan as it is currently in one place is helpful) but its not entirely real either.

Cash and roads remain the issues for me.