POS Golden Swan Drilling Results, page-121

I'm afraid to say that without a CR this quarter, based on management's own guideance, that metric reported in Item 8.7 will likely fall to ~1.0 quarters of cash flow cover in the June quarterly.

BS (CFO) will need/want to report a value above 2.0 to avoid answering the questions in Item 8.8. Hence the very high likelihood of a CR before EOQ.

This is why I first raised this issue, which is now being slavishly flogged to death by another. It's got nothing to do with running out of cash to fund the current fully funded works program. It's all about providing a working capital runway until the end of the year.

Supporting Calcs*:
(Data drawn from March quarterly narrative to make estimates for end-June quarter.)
A. Est. June quarter expenditures = $7.6m.
B. Est. EOQ cash on hand = $7.8m (i.e. $15.4m - $7.6m).

B ÷ A = 1.0 (i.e.est. value to be reported in Item 8.7 for June quarter without a CR or any inbound cash actually banked from any asset sales before EOQ).

*SC, this is what substantiation looks like.