Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-19

Actually no... it wouldn't have been enough. LD will likely need around $30M to develop from today. But to get to today there has been a lot of drilling, studies, etc...

To me, what has hurt AAU has been the following major events:
- Change in direction at the 11th hour on the LD project following issues with export to China. Causing the need to re-think a development and move towards dore which is much much higher CAPEX. This one was unfortunate as it was out of AAUs control. Still a very solid project, especially at today's gold prices.
- Pivot from LD to early stages of drilling out a porphyry target... which led to the NS sweet spot. But it cost a lot of money doing the deeper drilling to get there. I think they should have held off drilling the porphyry and put the money in to progressing NS cap instead. AAUs fault.
- Adding more and more projects to the portfolio. AAUs fault. Ok in theory to build a longer term ramp but they spread their funds out too thin in the short term.
- Arbitration result. Expectation of $10-30M which never eventuated. Out of AAUs control.
- Con Note result. AAUs fault. I think without that mess, we'd still be trading at between 1-2c today.

AAU are sitting on maybe $500M in NPV for development-ready (NS) or near-ready (LD) projects... then all the upside of future exploration or acquisition projects.

The biggest issue was the arbitration, that was meant to unlock the first development and the rest would follow from cash-flow spun out of the first. So we have been stuck as even if the project is attractive, it is a big ask to get pre-payments or other financing when you are a $8M odd company. This is why I'm giving them one last chance to get NS funded by early next year before I give up.

I have been in AAU for a long while now but my average is down to 0.8c so it won't take a whole lot from here to go from a $8M market cap to $20M++ and get many holders in the green again. On the other hand, I think if they can't get NS funded... it will be a liquidation scenario.