Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-40

This is a big project to get off the ground and it would be great if it were always smooth sailing but as others have said with a project this size there’s always a few hiccups along the way. To answer the question “Why has the cash burn been so high?”, I think the new shed full of core samples answers that question. They haven’t been sitting idle.
I think the frustration for some, including myself, seems to be the current share price which always seems to be much lower than values of the reports that come out. Are we fair value at are current share price/$500mill market cap? My thoughts are we are probably around 20/30c off what we should be based on how much de risking we have done or around $1.50/650mill MC. I think there are other factors at play based on my observation of the daily trading.
I also think Hermanis doesn’t help by trading in an out. Long termers know this is what he does. Others may not realise it is only a small portion of his overall holdings, they just see he sold and get spooked. AIMO