Ann: Quarterly Activities Report, page-11

We took two "hits" impacting the cash balance at June 30.which stood at USD 26 mill. Firstly the delayed lift from the NZ operation into the current July-Sept Qtr, so thats probably done by now. Roughly speaking that lkely shaved USD 10 mill from the cash blance which will be added this current Qtr. Then there was a drawdown USD 26 mill from the cash balance. Checking back I note the consideration for our 25% of Mereenie was USD 27.6 mill plus 5.8 mill in deferred and contingency payments. So that 26 mill we paid back has covered all but 7.4 mill ( more or less). On this basis the cash balance end Sept should be looking very healthy again, upwards of 40-50 USD mill. Given the divvy is normally paid in October, a 1c divvy ( Australian currency) would cost about USD 10 mill. That would not be a hard stretch for the company to outlay. on the basis of the above. Somehow I dont think we will get another 1.5c divvy this time around and hence the comment in the Qtrly about future divvy being "evaluated" . A subtle way of preparing us. I note back when the Mereenie acquisition was announced there was a statement that the financing structure would still enable ongong distributions, only question is what the upcoming one will be. I'm assuming 1c. 1.25c would be super nice but I would rather be conservative and say 1c.