Ann: First gold poured at Bellevue Gold Project, page-150

In the last quarterly cashflow statement they stated they would have cash available during the quarter of $74m (including unused debt facilities of $35m) and expected expenses to be $94m leaving a DEFICIT of $20m. But that EXCLUDES any gold sales during the quarter. They also stated they had $8.5m in gold bullion at 30 September 23.

In addition they also stated that they expect that cashflow in the December quarter would be BROADLY CASHFLOW NEUTRAL (see below). If that statement is correct they should have about $74m in cash including the $35m in unused debt of $35m at 30 September. An available cash position of $74m (excluding gold bullion) should not require any more debt or equity to be raised as they should be cash flow positive in the March quarter 2024. Even if the cash position is only $50m at December 23 they should still be okay.

Something would have had to go seriously wrong in the last 2 months for BGL to need to raise capital.

“Now that ore processing andgold production has commenced, the cash position for the remainder of the December 2023quarter is forecast to be broadly cashflow neutral; as gold sales cover expenses (including alloperational, capital, corporate and debt servicing costs).”