hope for the best and plan for the worst, page-3

Sorry, your cash figures are wrong.
Have a look at the Annual rpt dated 14-10-2010
After paying out cost overruns for Braveheart/Cornea, the balance ""after"" receiving "total" funds from MEO is $4.7mil

Now look at estimated exploration/admin expenditure for Dec qtr in the Sept cashflow statement. $1.1mil total.

Therefore estimated current cash end of Dec qtr is
$4.7mil - $1.1mil = $3.6mil
or 1.25cps cash backing