Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10

No real need to manipulate if no capital raise on the horizon. Based on current spending, enough cash to last 6.4 quarters according to the quarterly.

If the pending scoping study and MRE are good the 2025 options could bring in around $450k but these are not that significant so doesn't really matter either way.

I'm not convinced our cash will last for 6.4 quarters as per company estimate and perhaps we may need just a very small raise toward the end of the year. If we can get through to February, the January 2026 options at 0.075c will bring in $3.35m early in the new Year. Hopefully we can start generating cash from the first half next year and not need any further capital raises.